Correlation Between Uxi Unicomp and Shenzhen Kexin
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By analyzing existing cross correlation between Uxi Unicomp Technology and Shenzhen Kexin Communication, you can compare the effects of market volatilities on Uxi Unicomp and Shenzhen Kexin 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 Shenzhen Kexin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Shenzhen Kexin.
Diversification Opportunities for Uxi Unicomp and Shenzhen Kexin
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Uxi and Shenzhen is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Shenzhen Kexin Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Kexin Commu 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 Shenzhen Kexin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Kexin Commu has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Shenzhen Kexin go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Shenzhen Kexin
Assuming the 90 days trading horizon Uxi Unicomp is expected to generate 1.03 times less return on investment than Shenzhen Kexin. But when comparing it to its historical volatility, Uxi Unicomp Technology is 1.2 times less risky than Shenzhen Kexin. It trades about 0.12 of its potential returns per unit of risk. Shenzhen Kexin Communication is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,205 in Shenzhen Kexin Communication on November 28, 2024 and sell it today you would earn a total of 39.00 from holding Shenzhen Kexin Communication or generate 3.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. Shenzhen Kexin Communication
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Shenzhen Kexin Commu |
Uxi Unicomp and Shenzhen Kexin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Shenzhen Kexin
The main advantage of trading using opposite Uxi Unicomp and Shenzhen Kexin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Shenzhen Kexin 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 Shenzhen Kexin will offset losses from the drop in Shenzhen Kexin's long position.| Uxi Unicomp vs. Tangel Publishing | Uxi Unicomp vs. Beijing Kaiwen Education | Uxi Unicomp vs. Offcn Education Technology | Uxi Unicomp vs. Jahen Household Products |
| Shenzhen Kexin vs. Penyao Environmental Protection | Shenzhen Kexin vs. Beijing Kaiwen Education | Shenzhen Kexin vs. Wangneng Environment Co | Shenzhen Kexin vs. Southern PublishingMedia Co |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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