Correlation Between Uxi Unicomp and Hainan Haiqi
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By analyzing existing cross correlation between Uxi Unicomp Technology and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Uxi Unicomp and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Hainan Haiqi.
Diversification Opportunities for Uxi Unicomp and Hainan Haiqi
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Uxi and Hainan is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Hainan Haiqi
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to under-perform the Hainan Haiqi. In addition to that, Uxi Unicomp is 1.25 times more volatile than Hainan Haiqi Transportation. It trades about -0.06 of its total potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about 0.02 per unit of volatility. If you would invest 1,905 in Hainan Haiqi Transportation on September 1, 2024 and sell it today you would earn a total of 111.00 from holding Hainan Haiqi Transportation or generate 5.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uxi Unicomp Technology vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Hainan Haiqi Transpo |
Uxi Unicomp and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Hainan Haiqi
The main advantage of trading using opposite Uxi Unicomp and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Uxi Unicomp vs. New China Life | Uxi Unicomp vs. Ming Yang Smart | Uxi Unicomp vs. 159681 | Uxi Unicomp vs. 159005 |
| Hainan Haiqi vs. Nanjing Putian Telecommunications | Hainan Haiqi vs. Shenzhen Hifuture Electric | Hainan Haiqi vs. Tianjin Realty Development | Hainan Haiqi vs. Shenyang Huitian Thermal |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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