Correlation Between Hainan Haiqi and Uxi Unicomp
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Uxi Unicomp Technology, you can compare the effects of market volatilities on Hainan Haiqi and Uxi Unicomp and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Hainan Haiqi with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Uxi Unicomp.
Diversification Opportunities for Hainan Haiqi and Uxi Unicomp
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hainan and Uxi is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Uxi Unicomp Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uxi Unicomp Technology and Hainan Haiqi is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Hainan Haiqi Transportation are associated (or correlated) with Uxi Unicomp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uxi Unicomp Technology has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Uxi Unicomp
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to generate 0.89 times more return on investment than Uxi Unicomp. However, Hainan Haiqi Transportation is 1.12 times less risky than Uxi Unicomp. It trades about 0.19 of its potential returns per unit of risk. Uxi Unicomp Technology is currently generating about 0.09 per unit of risk. If you would invest 1,757 in Hainan Haiqi Transportation on November 27, 2024 and sell it today you would earn a total of 85.00 from holding Hainan Haiqi Transportation or generate 4.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Uxi Unicomp Technology |
Hainan Haiqi and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Uxi Unicomp
The main advantage of trading using opposite Hainan Haiqi and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Uxi Unicomp can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Uxi Unicomp will offset losses from the drop in Uxi Unicomp's long position.| Hainan Haiqi vs. Chengtun Mining Group | Hainan Haiqi vs. Haima Automobile Group | Hainan Haiqi vs. Chongqing Changan Automobile | Hainan Haiqi vs. Tibet Huayu Mining |
| Uxi Unicomp vs. Eyebright Medical Technology | Uxi Unicomp vs. Kuang Chi Technologies | Uxi Unicomp vs. China Everbright Bank | Uxi Unicomp vs. Guangzhou KingTeller Technology |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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