Correlation Between MayAir Technology and UE Furniture
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By analyzing existing cross correlation between MayAir Technology Co and UE Furniture Co, you can compare the effects of market volatilities on MayAir Technology 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 MayAir Technology with a short position of UE Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and UE Furniture.
Diversification Opportunities for MayAir Technology and UE Furniture
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between MayAir and 603600 is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and UE Furniture Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UE Furniture and MayAir 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 MayAir Technology Co 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 MayAir Technology i.e., MayAir Technology and UE Furniture go up and down completely randomly.
Pair Corralation between MayAir Technology and UE Furniture
Assuming the 90 days trading horizon MayAir Technology Co is expected to generate 2.07 times more return on investment than UE Furniture. However, MayAir Technology is 2.07 times more volatile than UE Furniture Co. It trades about -0.07 of its potential returns per unit of risk. UE Furniture Co is currently generating about -0.14 per unit of risk. If you would invest 3,927 in MayAir Technology Co on September 1, 2024 and sell it today you would lose (269.00) from holding MayAir Technology Co or give up 6.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. UE Furniture Co
Performance |
| Timeline |
| MayAir Technology |
| UE Furniture |
MayAir Technology and UE Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and UE Furniture
The main advantage of trading using opposite MayAir Technology and UE Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology 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.| MayAir Technology vs. Cultural Investment Holdings | MayAir Technology vs. Gome Telecom Equipment | MayAir Technology vs. Bus Online Co | MayAir Technology vs. Holitech Technology Co |
| UE Furniture vs. State Grid InformationCommunication | UE Furniture vs. Anji Foodstuff Co | UE Furniture vs. Tongyu Communication | UE Furniture vs. Ligao Foods CoLtd |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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