Correlation Between Uxi Unicomp and Lingyuan Iron
Specify exactly 2 symbols:
By analyzing existing cross correlation between Uxi Unicomp Technology and Lingyuan Iron Steel, you can compare the effects of market volatilities on Uxi Unicomp and Lingyuan Iron 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 Lingyuan Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Lingyuan Iron.
Diversification Opportunities for Uxi Unicomp and Lingyuan Iron
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Uxi and Lingyuan is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Lingyuan Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lingyuan Iron Steel 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 Lingyuan Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lingyuan Iron Steel has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Lingyuan Iron go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Lingyuan Iron
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to generate 1.17 times more return on investment than Lingyuan Iron. However, Uxi Unicomp is 1.17 times more volatile than Lingyuan Iron Steel. It trades about 0.19 of its potential returns per unit of risk. Lingyuan Iron Steel is currently generating about -0.07 per unit of risk. If you would invest 4,763 in Uxi Unicomp Technology on November 1, 2024 and sell it today you would earn a total of 444.00 from holding Uxi Unicomp Technology or generate 9.32% 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. Lingyuan Iron Steel
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Lingyuan Iron Steel |
Uxi Unicomp and Lingyuan Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Lingyuan Iron
The main advantage of trading using opposite Uxi Unicomp and Lingyuan Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Lingyuan Iron 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 Lingyuan Iron will offset losses from the drop in Lingyuan Iron's long position.| Uxi Unicomp vs. PetroChina Co Ltd | Uxi Unicomp vs. Industrial and Commercial | Uxi Unicomp vs. China Petroleum Chemical | Uxi Unicomp vs. China Construction Bank |
| Lingyuan Iron vs. Uxi Unicomp Technology | Lingyuan Iron vs. Suzhou Industrial Park | Lingyuan Iron vs. Guangzhou KingTeller Technology | Lingyuan Iron vs. Montage Technology 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |