Correlation Between UCloud Technology and Jinhui Liquor
Specify exactly 2 symbols:
By analyzing existing cross correlation between UCloud Technology Co and Jinhui Liquor Co, you can compare the effects of market volatilities on UCloud Technology and Jinhui Liquor 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 Jinhui Liquor. Check out your portfolio center. Please also check ongoing floating volatility patterns of UCloud Technology and Jinhui Liquor.
Diversification Opportunities for UCloud Technology and Jinhui Liquor
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between UCloud and Jinhui is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding UCloud Technology Co and Jinhui Liquor Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Liquor 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 Jinhui Liquor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhui Liquor has no effect on the direction of UCloud Technology i.e., UCloud Technology and Jinhui Liquor go up and down completely randomly.
Pair Corralation between UCloud Technology and Jinhui Liquor
Assuming the 90 days trading horizon UCloud Technology Co is expected to generate 2.13 times more return on investment than Jinhui Liquor. However, UCloud Technology is 2.13 times more volatile than Jinhui Liquor Co. It trades about -0.03 of its potential returns per unit of risk. Jinhui Liquor Co is currently generating about -0.12 per unit of risk. If you would invest 1,410 in UCloud Technology Co on October 25, 2024 and sell it today you would lose (87.00) from holding UCloud Technology Co or give up 6.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UCloud Technology Co vs. Jinhui Liquor Co
Performance |
| Timeline |
| UCloud Technology |
| Jinhui Liquor |
UCloud Technology and Jinhui Liquor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UCloud Technology and Jinhui Liquor
The main advantage of trading using opposite UCloud Technology and Jinhui Liquor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UCloud Technology position performs unexpectedly, Jinhui Liquor 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 Jinhui Liquor will offset losses from the drop in Jinhui Liquor's long position.| UCloud Technology vs. Kweichow Moutai Co | UCloud Technology vs. NAURA Technology Group | UCloud Technology vs. APT Medical | UCloud Technology vs. BYD Co Ltd |
| Jinhui Liquor vs. Agricultural Bank of | Jinhui Liquor vs. Postal Savings Bank | Jinhui Liquor vs. Bank of Communications | Jinhui Liquor vs. China Merchants 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| CEOs Directory Screen CEOs from public companies around the world |