Correlation Between UE Furniture and MayAir Technology
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By analyzing existing cross correlation between UE Furniture Co and MayAir Technology Co, you can compare the effects of market volatilities on UE Furniture and MayAir Technology 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 UE Furniture with a short position of MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of UE Furniture and MayAir Technology.
Diversification Opportunities for UE Furniture and MayAir Technology
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 603600 and MayAir is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding UE Furniture Co and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology and UE Furniture 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 UE Furniture Co are associated (or correlated) with MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of UE Furniture i.e., UE Furniture and MayAir Technology go up and down completely randomly.
Pair Corralation between UE Furniture and MayAir Technology
Assuming the 90 days trading horizon UE Furniture is expected to generate 1.33 times less return on investment than MayAir Technology. But when comparing it to its historical volatility, UE Furniture Co is 1.89 times less risky than MayAir Technology. It trades about 0.15 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 2,917 in MayAir Technology Co on September 3, 2024 and sell it today you would earn a total of 741.00 from holding MayAir Technology Co or generate 25.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
UE Furniture Co vs. MayAir Technology Co
Performance |
| Timeline |
| UE Furniture |
| MayAir Technology |
UE Furniture and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UE Furniture and MayAir Technology
The main advantage of trading using opposite UE Furniture and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UE Furniture position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| UE Furniture vs. Cultural Investment Holdings | UE Furniture vs. Gome Telecom Equipment | UE Furniture vs. Bus Online Co | UE Furniture vs. Holitech Technology Co |
| MayAir Technology vs. Jiangsu Financial Leasing | MayAir Technology vs. Jiugui Liquor Co | MayAir Technology vs. Guangdong Qunxing Toys | MayAir Technology vs. Vontron Technology Co |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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