Correlation Between Uxi Unicomp and China International
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By analyzing existing cross correlation between Uxi Unicomp Technology and China International Travel, you can compare the effects of market volatilities on Uxi Unicomp and China International 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 China International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and China International.
Diversification Opportunities for Uxi Unicomp and China International
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Uxi and China is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and China International Travel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China International 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 China International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China International has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and China International go up and down completely randomly.
Pair Corralation between Uxi Unicomp and China International
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to under-perform the China International. In addition to that, Uxi Unicomp is 1.54 times more volatile than China International Travel. It trades about -0.2 of its total potential returns per unit of risk. China International Travel is currently generating about -0.13 per unit of volatility. If you would invest 7,443 in China International Travel on September 12, 2024 and sell it today you would lose (378.00) from holding China International Travel or give up 5.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. China International Travel
Performance |
| Timeline |
| Uxi Unicomp Technology |
| China International |
Uxi Unicomp and China International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and China International
The main advantage of trading using opposite Uxi Unicomp and China International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, China International 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 China International will offset losses from the drop in China International's long position.| Uxi Unicomp vs. Agricultural Bank of | Uxi Unicomp vs. Industrial and Commercial | Uxi Unicomp vs. Bank of China | Uxi Unicomp vs. PetroChina Co Ltd |
| China International vs. Guangdong Qunxing Toys | China International vs. Sinosteel Luonai Materials | China International vs. Jinsanjiang Silicon Material | China International vs. Cofco Biochemical Anhui |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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