Correlation Between Uxi Unicomp and Shandong Polymer
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By analyzing existing cross correlation between Uxi Unicomp Technology and Shandong Polymer Biochemicals, you can compare the effects of market volatilities on Uxi Unicomp and Shandong Polymer 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 Shandong Polymer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Shandong Polymer.
Diversification Opportunities for Uxi Unicomp and Shandong Polymer
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Uxi and Shandong is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Shandong Polymer Biochemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Polymer Bio 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 Shandong Polymer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Polymer Bio has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Shandong Polymer go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Shandong Polymer
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to under-perform the Shandong Polymer. But the stock apears to be less risky and, when comparing its historical volatility, Uxi Unicomp Technology is 1.24 times less risky than Shandong Polymer. The stock trades about -0.05 of its potential returns per unit of risk. The Shandong Polymer Biochemicals is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 440.00 in Shandong Polymer Biochemicals on September 1, 2024 and sell it today you would earn a total of 24.00 from holding Shandong Polymer Biochemicals or generate 5.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. Shandong Polymer Biochemicals
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Shandong Polymer Bio |
Uxi Unicomp and Shandong Polymer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Shandong Polymer
The main advantage of trading using opposite Uxi Unicomp and Shandong Polymer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Shandong Polymer 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 Shandong Polymer will offset losses from the drop in Shandong Polymer's long position.| Uxi Unicomp vs. New China Life | Uxi Unicomp vs. Ming Yang Smart | Uxi Unicomp vs. 159681 | Uxi Unicomp vs. 159005 |
| Shandong Polymer vs. Everdisplay Optronics Shanghai | Shandong Polymer vs. Keeson Technology Corp | Shandong Polymer vs. Uxi Unicomp Technology | Shandong Polymer vs. Threes Company Media |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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