Correlation Between Uxi Unicomp and Chongqing Department
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By analyzing existing cross correlation between Uxi Unicomp Technology and Chongqing Department Store, you can compare the effects of market volatilities on Uxi Unicomp and Chongqing Department 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 Department. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Chongqing Department.
Diversification Opportunities for Uxi Unicomp and Chongqing Department
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Uxi and Chongqing is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Chongqing Department Store in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Department 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 Department. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Department has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Chongqing Department go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Chongqing Department
Assuming the 90 days trading horizon Uxi Unicomp is expected to generate 4.34 times less return on investment than Chongqing Department. But when comparing it to its historical volatility, Uxi Unicomp Technology is 1.17 times less risky than Chongqing Department. It trades about 0.06 of its potential returns per unit of risk. Chongqing Department Store is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 2,320 in Chongqing Department Store on September 13, 2024 and sell it today you would earn a total of 918.00 from holding Chongqing Department Store or generate 39.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.73% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. Chongqing Department Store
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Chongqing Department |
Uxi Unicomp and Chongqing Department Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Chongqing Department
The main advantage of trading using opposite Uxi Unicomp and Chongqing Department positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Chongqing Department 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 Department will offset losses from the drop in Chongqing Department's long position.| Uxi Unicomp vs. Yuan Longping High tech | Uxi Unicomp vs. Shanghai Broadband Technology | Uxi Unicomp vs. Northking Information Technology | Uxi Unicomp vs. Holitech Technology Co |
| Chongqing Department vs. Glodon Software Co | Chongqing Department vs. Tianjin Ruixin Technology | Chongqing Department vs. Uxi Unicomp Technology | Chongqing Department 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 Stocks Directory module to find actively traded stocks across global markets.
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