Correlation Between UCloud Technology and Gan Yuan
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By analyzing existing cross correlation between UCloud Technology Co and Gan Yuan Foods, you can compare the effects of market volatilities on UCloud Technology and Gan Yuan 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 UCloud Technology with a short position of Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of UCloud Technology and Gan Yuan.
Diversification Opportunities for UCloud Technology and Gan Yuan
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between UCloud and Gan is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding UCloud Technology Co and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods and UCloud Technology 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 UCloud Technology Co are associated (or correlated) with Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of UCloud Technology i.e., UCloud Technology and Gan Yuan go up and down completely randomly.
Pair Corralation between UCloud Technology and Gan Yuan
Assuming the 90 days trading horizon UCloud Technology Co is expected to generate 1.53 times more return on investment than Gan Yuan. However, UCloud Technology is 1.53 times more volatile than Gan Yuan Foods. It trades about 0.29 of its potential returns per unit of risk. Gan Yuan Foods is currently generating about -0.1 per unit of risk. If you would invest 1,306 in UCloud Technology Co on November 8, 2024 and sell it today you would earn a total of 354.00 from holding UCloud Technology Co or generate 27.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.12% |
| Values | Daily Returns |
UCloud Technology Co vs. Gan Yuan Foods
Performance |
| Timeline |
| UCloud Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
| Gan Yuan Foods |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
UCloud Technology and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UCloud Technology and Gan Yuan
The main advantage of trading using opposite UCloud Technology and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UCloud Technology position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.The idea behind UCloud Technology Co and Gan Yuan Foods pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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