Correlation Between Uxi Unicomp and Unigroup Guoxin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Uxi Unicomp Technology and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Uxi Unicomp 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 Uxi Unicomp with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Unigroup Guoxin.
Diversification Opportunities for Uxi Unicomp and Unigroup Guoxin
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Uxi and Unigroup is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp 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 Uxi Unicomp 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 Uxi Unicomp 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 Uxi Unicomp i.e., Uxi Unicomp and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Unigroup Guoxin
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to under-perform the Unigroup Guoxin. But the stock apears to be less risky and, when comparing its historical volatility, Uxi Unicomp Technology is 1.03 times less risky than Unigroup Guoxin. The stock trades about -0.16 of its potential returns per unit of risk. The Unigroup Guoxin Microelectronics is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 6,887 in Unigroup Guoxin Microelectronics on August 29, 2024 and sell it today you would lose (542.00) from holding Unigroup Guoxin Microelectronics or give up 7.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Unigroup Guoxin Micr |
Uxi Unicomp and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Unigroup Guoxin
The main advantage of trading using opposite Uxi Unicomp and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp 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.| Uxi Unicomp vs. PetroChina Co Ltd | Uxi Unicomp vs. China State Construction | Uxi Unicomp vs. China Mobile Limited | Uxi Unicomp vs. Industrial and Commercial |
| Unigroup Guoxin vs. Uxi Unicomp Technology | Unigroup Guoxin vs. Kingsignal Technology Co | Unigroup Guoxin vs. Dongguan Aohai Technology | Unigroup Guoxin vs. CSSC Offshore Marine |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |