Correlation Between Juewei Food and Uxi Unicomp
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By analyzing existing cross correlation between Juewei Food Co and Uxi Unicomp Technology, you can compare the effects of market volatilities on Juewei Food 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 Juewei Food with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and Uxi Unicomp.
Diversification Opportunities for Juewei Food and Uxi Unicomp
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juewei and Uxi is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co 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 Juewei Food 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 Juewei Food Co 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 Juewei Food i.e., Juewei Food and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Juewei Food and Uxi Unicomp
Assuming the 90 days trading horizon Juewei Food Co is expected to generate 1.29 times more return on investment than Uxi Unicomp. However, Juewei Food is 1.29 times more volatile than Uxi Unicomp Technology. It trades about 0.07 of its potential returns per unit of risk. Uxi Unicomp Technology is currently generating about -0.12 per unit of risk. If you would invest 1,887 in Juewei Food Co on August 28, 2024 and sell it today you would earn a total of 98.00 from holding Juewei Food Co or generate 5.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juewei Food Co vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Juewei Food |
| Uxi Unicomp Technology |
Juewei Food and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and Uxi Unicomp
The main advantage of trading using opposite Juewei Food and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food 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.| Juewei Food vs. Uxi Unicomp Technology | Juewei Food vs. Kunshan Guoli Electronic | Juewei Food vs. Success Electronics | Juewei Food vs. ROPEOK Technology Group |
| Uxi Unicomp vs. Biwin Storage Technology | Uxi Unicomp vs. PetroChina Co Ltd | Uxi Unicomp vs. Industrial and Commercial | Uxi Unicomp vs. China Construction Bank |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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