Correlation Between Beijing Roborock and Unigroup Guoxin
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By analyzing existing cross correlation between Beijing Roborock Technology and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Beijing Roborock and Unigroup Guoxin 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 Beijing Roborock with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Unigroup Guoxin.
Diversification Opportunities for Beijing Roborock and Unigroup Guoxin
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Unigroup is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Unigroup Guoxin Microelectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unigroup Guoxin Micr and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Unigroup Guoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unigroup Guoxin Micr has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Beijing Roborock and Unigroup Guoxin
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Unigroup Guoxin. But the stock apears to be less risky and, when comparing its historical volatility, Beijing Roborock Technology is 1.01 times less risky than Unigroup Guoxin. The stock trades about -0.28 of its potential returns per unit of risk. The Unigroup Guoxin Microelectronics is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 7,093 in Unigroup Guoxin Microelectronics on August 23, 2024 and sell it today you would lose (350.00) from holding Unigroup Guoxin Microelectronics or give up 4.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Beijing Roborock Tec |
| Unigroup Guoxin Micr |
Beijing Roborock and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Unigroup Guoxin
The main advantage of trading using opposite Beijing Roborock and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Unigroup Guoxin 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 Unigroup Guoxin will offset losses from the drop in Unigroup Guoxin's long position.| Beijing Roborock vs. Longjian Road Bridge | Beijing Roborock vs. Heilongjiang Publishing Media | Beijing Roborock vs. Jiangsu Phoenix Publishing | Beijing Roborock vs. RoadMain T Co |
| Unigroup Guoxin vs. BeiGene | Unigroup Guoxin vs. Kweichow Moutai Co | Unigroup Guoxin vs. Beijing Roborock Technology | Unigroup Guoxin vs. G bits Network Technology |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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