Correlation Between Uxi Unicomp and China Construction
Specify exactly 2 symbols:
By analyzing existing cross correlation between Uxi Unicomp Technology and China Construction Bank, you can compare the effects of market volatilities on Uxi Unicomp and China Construction 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 Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and China Construction.
Diversification Opportunities for Uxi Unicomp and China Construction
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Uxi and China is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and China Construction Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Construction Bank 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 Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Construction Bank has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and China Construction go up and down completely randomly.
Pair Corralation between Uxi Unicomp and China Construction
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to generate 1.62 times more return on investment than China Construction. However, Uxi Unicomp is 1.62 times more volatile than China Construction Bank. It trades about 0.27 of its potential returns per unit of risk. China Construction Bank is currently generating about -0.01 per unit of risk. If you would invest 4,608 in Uxi Unicomp Technology on November 3, 2024 and sell it today you would earn a total of 599.00 from holding Uxi Unicomp Technology or generate 13.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. China Construction Bank
Performance |
| Timeline |
| Uxi Unicomp Technology |
| China Construction Bank |
Uxi Unicomp and China Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and China Construction
The main advantage of trading using opposite Uxi Unicomp and China Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, China Construction 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 Construction will offset losses from the drop in China Construction's long position.| Uxi Unicomp vs. Postal Savings Bank | Uxi Unicomp vs. Xiamen Goldenhome Co | Uxi Unicomp vs. Harson Trading China | Uxi Unicomp vs. Vohringer Home Technology |
| China Construction vs. Zhejiang Zhengguang Industrial | China Construction vs. JCHX Mining Management | China Construction vs. GRINM Semiconductor Materials | China Construction vs. Hainan Mining 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |