Correlation Between Uxi Unicomp and Chongqing Shunbo
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By analyzing existing cross correlation between Uxi Unicomp Technology and Chongqing Shunbo Aluminum, you can compare the effects of market volatilities on Uxi Unicomp and Chongqing Shunbo 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 Chongqing Shunbo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Chongqing Shunbo.
Diversification Opportunities for Uxi Unicomp and Chongqing Shunbo
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Uxi and Chongqing is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Chongqing Shunbo Aluminum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Shunbo Aluminum 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 Chongqing Shunbo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Shunbo Aluminum has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Chongqing Shunbo go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Chongqing Shunbo
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to under-perform the Chongqing Shunbo. In addition to that, Uxi Unicomp is 1.46 times more volatile than Chongqing Shunbo Aluminum. It trades about -0.05 of its total potential returns per unit of risk. Chongqing Shunbo Aluminum is currently generating about 0.08 per unit of volatility. If you would invest 648.00 in Chongqing Shunbo Aluminum on September 1, 2024 and sell it today you would earn a total of 21.00 from holding Chongqing Shunbo Aluminum or generate 3.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. Chongqing Shunbo Aluminum
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Chongqing Shunbo Aluminum |
Uxi Unicomp and Chongqing Shunbo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Chongqing Shunbo
The main advantage of trading using opposite Uxi Unicomp and Chongqing Shunbo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Chongqing Shunbo 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 Chongqing Shunbo will offset losses from the drop in Chongqing Shunbo's long position.| Uxi Unicomp vs. New China Life | Uxi Unicomp vs. Ming Yang Smart | Uxi Unicomp vs. 159681 | Uxi Unicomp vs. 159005 |
| Chongqing Shunbo vs. Shanghai Jinfeng Wine | Chongqing Shunbo vs. Hubei Forbon Technology | Chongqing Shunbo vs. Guangzhou KingTeller Technology | Chongqing Shunbo vs. ROPEOK Technology Group |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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