Correlation Between Uxi Unicomp and Lecron Energy
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By analyzing existing cross correlation between Uxi Unicomp Technology and Lecron Energy Saving, you can compare the effects of market volatilities on Uxi Unicomp and Lecron Energy 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 Lecron Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Lecron Energy.
Diversification Opportunities for Uxi Unicomp and Lecron Energy
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Uxi and Lecron is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Lecron Energy Saving in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lecron Energy Saving 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 Lecron Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lecron Energy Saving has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Lecron Energy go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Lecron Energy
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to generate 0.86 times more return on investment than Lecron Energy. However, Uxi Unicomp Technology is 1.16 times less risky than Lecron Energy. It trades about 0.15 of its potential returns per unit of risk. Lecron Energy Saving is currently generating about -0.04 per unit of risk. If you would invest 4,927 in Uxi Unicomp Technology on October 29, 2024 and sell it today you would earn a total of 360.00 from holding Uxi Unicomp Technology or generate 7.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. Lecron Energy Saving
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Lecron Energy Saving |
Uxi Unicomp and Lecron Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Lecron Energy
The main advantage of trading using opposite Uxi Unicomp and Lecron Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Lecron Energy 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 Lecron Energy will offset losses from the drop in Lecron Energy's long position.| Uxi Unicomp vs. Guangzhou Restaurants Group | Uxi Unicomp vs. Suzhou Oriental Semiconductor | Uxi Unicomp vs. Will Semiconductor Co | Uxi Unicomp vs. GigaDevice SemiconductorBeiji |
| Lecron Energy vs. Queclink Wireless Solutions | Lecron Energy vs. Quectel Wireless Solutions | Lecron Energy vs. Huaxia Fund Management | Lecron Energy vs. Shanghai CEO Environmental |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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