Correlation Between Uxi Unicomp and New China
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By analyzing existing cross correlation between Uxi Unicomp Technology and New China Life, you can compare the effects of market volatilities on Uxi Unicomp and New China 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 New China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and New China.
Diversification Opportunities for Uxi Unicomp and New China
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Uxi and New is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and New China Life in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New China Life 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 New China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New China Life has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and New China go up and down completely randomly.
Pair Corralation between Uxi Unicomp and New China
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to generate 0.92 times more return on investment than New China. However, Uxi Unicomp Technology is 1.09 times less risky than New China. It trades about 0.18 of its potential returns per unit of risk. New China Life is currently generating about 0.07 per unit of risk. If you would invest 5,186 in Uxi Unicomp Technology on December 1, 2024 and sell it today you would earn a total of 353.00 from holding Uxi Unicomp Technology or generate 6.81% 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. New China Life
Performance |
| Timeline |
| Uxi Unicomp Technology |
| New China Life |
Uxi Unicomp and New China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and New China
The main advantage of trading using opposite Uxi Unicomp and New China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, New China 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 New China will offset losses from the drop in New China's long position.| Uxi Unicomp vs. Industrial and Commercial | Uxi Unicomp vs. Agricultural Bank of | Uxi Unicomp vs. China Construction Bank | Uxi Unicomp vs. Bank of China |
| New China vs. Hengerda New Materials | New China vs. Orinko Advanced Plastics | New China vs. Guobo Electronics Co | New China vs. Sanxiang Advanced Materials |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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