Correlation Between Cheche Group and Upexi
Can any of the company-specific risk be diversified away by investing in both Cheche Group and Upexi at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cheche Group and Upexi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cheche Group Class and Upexi Inc, you can compare the effects of market volatilities on Cheche Group and Upexi 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 Cheche Group with a short position of Upexi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cheche Group and Upexi.
Diversification Opportunities for Cheche Group and Upexi
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cheche and Upexi is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Cheche Group Class and Upexi Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upexi Inc and Cheche Group 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 Cheche Group Class are associated (or correlated) with Upexi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upexi Inc has no effect on the direction of Cheche Group i.e., Cheche Group and Upexi go up and down completely randomly.
Pair Corralation between Cheche Group and Upexi
Considering the 90-day investment horizon Cheche Group is expected to generate 1.47 times less return on investment than Upexi. But when comparing it to its historical volatility, Cheche Group Class is 2.71 times less risky than Upexi. It trades about 0.1 of its potential returns per unit of risk. Upexi Inc is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 379.00 in Upexi Inc on October 25, 2024 and sell it today you would earn a total of 11.00 from holding Upexi Inc or generate 2.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cheche Group Class vs. Upexi Inc
Performance |
| Timeline |
| Cheche Group Class |
| Upexi Inc |
Cheche Group and Upexi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cheche Group and Upexi
The main advantage of trading using opposite Cheche Group and Upexi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cheche Group position performs unexpectedly, Upexi 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 Upexi will offset losses from the drop in Upexi's long position.| Cheche Group vs. Procter Gamble | Cheche Group vs. TFI International | Cheche Group vs. National CineMedia | Cheche Group vs. Sphere Entertainment 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
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |