Correlation Between Jinhui Liquor and UCloud Technology
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By analyzing existing cross correlation between Jinhui Liquor Co and UCloud Technology Co, you can compare the effects of market volatilities on Jinhui Liquor and UCloud 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 Jinhui Liquor with a short position of UCloud Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Liquor and UCloud Technology.
Diversification Opportunities for Jinhui Liquor and UCloud Technology
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinhui and UCloud is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Liquor Co and UCloud Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UCloud Technology and Jinhui Liquor 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 Jinhui Liquor Co are associated (or correlated) with UCloud Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UCloud Technology has no effect on the direction of Jinhui Liquor i.e., Jinhui Liquor and UCloud Technology go up and down completely randomly.
Pair Corralation between Jinhui Liquor and UCloud Technology
Assuming the 90 days trading horizon Jinhui Liquor Co is expected to under-perform the UCloud Technology. But the stock apears to be less risky and, when comparing its historical volatility, Jinhui Liquor Co is 1.46 times less risky than UCloud Technology. The stock trades about -0.01 of its potential returns per unit of risk. The UCloud Technology Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,073 in UCloud Technology Co on October 25, 2024 and sell it today you would earn a total of 250.00 from holding UCloud Technology Co or generate 23.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Liquor Co vs. UCloud Technology Co
Performance |
| Timeline |
| Jinhui Liquor |
| UCloud Technology |
Jinhui Liquor and UCloud Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Liquor and UCloud Technology
The main advantage of trading using opposite Jinhui Liquor and UCloud Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Liquor position performs unexpectedly, UCloud 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 UCloud Technology will offset losses from the drop in UCloud Technology's long position.| Jinhui Liquor vs. Agricultural Bank of | Jinhui Liquor vs. Postal Savings Bank | Jinhui Liquor vs. Bank of Communications | Jinhui Liquor vs. China Merchants Bank |
| UCloud Technology vs. Kweichow Moutai Co | UCloud Technology vs. NAURA Technology Group | UCloud Technology vs. APT Medical | UCloud Technology vs. BYD Co Ltd |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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