Correlation Between Beijing Roborock and UE Furniture
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and UE Furniture Co, you can compare the effects of market volatilities on Beijing Roborock and UE Furniture 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 UE Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and UE Furniture.
Diversification Opportunities for Beijing Roborock and UE Furniture
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and 603600 is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and UE Furniture Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UE Furniture 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 UE Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UE Furniture has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and UE Furniture go up and down completely randomly.
Pair Corralation between Beijing Roborock and UE Furniture
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.06 times more return on investment than UE Furniture. However, Beijing Roborock is 1.06 times more volatile than UE Furniture Co. It trades about 0.16 of its potential returns per unit of risk. UE Furniture Co is currently generating about -0.04 per unit of risk. If you would invest 19,750 in Beijing Roborock Technology on September 27, 2024 and sell it today you would earn a total of 1,516 from holding Beijing Roborock Technology or generate 7.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. UE Furniture Co
Performance |
| Timeline |
| Beijing Roborock Tec |
| UE Furniture |
Beijing Roborock and UE Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and UE Furniture
The main advantage of trading using opposite Beijing Roborock and UE Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, UE Furniture 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 UE Furniture will offset losses from the drop in UE Furniture's long position.| Beijing Roborock vs. Grandblue Environment Co | Beijing Roborock vs. Gansu Jiu Steel | Beijing Roborock vs. Ligao Foods CoLtd | Beijing Roborock vs. Jiangxi JDL Environmental |
| UE Furniture vs. BeiGene | UE Furniture vs. Kweichow Moutai Co | UE Furniture vs. Beijing Roborock Technology | UE Furniture 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| CEOs Directory Screen CEOs from public companies around the world | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |