Correlation Between Uxi Unicomp and Shanghai Yanpu
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By analyzing existing cross correlation between Uxi Unicomp Technology and Shanghai Yanpu Metal, you can compare the effects of market volatilities on Uxi Unicomp and Shanghai Yanpu 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 Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxi Unicomp and Shanghai Yanpu.
Diversification Opportunities for Uxi Unicomp and Shanghai Yanpu
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Uxi and Shanghai is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Uxi Unicomp Technology and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal 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 Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of Uxi Unicomp i.e., Uxi Unicomp and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between Uxi Unicomp and Shanghai Yanpu
Assuming the 90 days trading horizon Uxi Unicomp Technology is expected to under-perform the Shanghai Yanpu. But the stock apears to be less risky and, when comparing its historical volatility, Uxi Unicomp Technology is 1.04 times less risky than Shanghai Yanpu. The stock trades about -0.05 of its potential returns per unit of risk. The Shanghai Yanpu Metal is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 3,759 in Shanghai Yanpu Metal on September 1, 2024 and sell it today you would earn a total of 279.00 from holding Shanghai Yanpu Metal or generate 7.42% 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. Shanghai Yanpu Metal
Performance |
| Timeline |
| Uxi Unicomp Technology |
| Shanghai Yanpu Metal |
Uxi Unicomp and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxi Unicomp and Shanghai Yanpu
The main advantage of trading using opposite Uxi Unicomp and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxi Unicomp position performs unexpectedly, Shanghai Yanpu 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 Shanghai Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| Uxi Unicomp vs. New China Life | Uxi Unicomp vs. Ming Yang Smart | Uxi Unicomp vs. 159681 | Uxi Unicomp vs. 159005 |
| Shanghai Yanpu vs. BYD Co Ltd | Shanghai Yanpu vs. China Mobile Limited | Shanghai Yanpu vs. Agricultural Bank of | Shanghai Yanpu vs. Industrial and Commercial |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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