Correlation Between UET United and Check-Cap
Can any of the company-specific risk be diversified away by investing in both UET United and Check-Cap 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 UET United and Check-Cap into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UET United Electronic and Check Cap, you can compare the effects of market volatilities on UET United and Check-Cap 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 UET United with a short position of Check-Cap. Check out your portfolio center. Please also check ongoing floating volatility patterns of UET United and Check-Cap.
Diversification Opportunities for UET United and Check-Cap
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UET and Check-Cap is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UET United Electronic and Check Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Check Cap and UET United 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 UET United Electronic are associated (or correlated) with Check-Cap. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Check Cap has no effect on the direction of UET United i.e., UET United and Check-Cap go up and down completely randomly.
Pair Corralation between UET United and Check-Cap
If you would invest 98.00 in UET United Electronic on January 15, 2025 and sell it today you would earn a total of 4.00 from holding UET United Electronic or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
UET United Electronic vs. Check Cap
Performance |
| Timeline |
| UET United Electronic |
| Check Cap |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
UET United and Check-Cap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UET United and Check-Cap
The main advantage of trading using opposite UET United and Check-Cap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UET United position performs unexpectedly, Check-Cap 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 Check-Cap will offset losses from the drop in Check-Cap's long position.| UET United vs. Cisco Systems | UET United vs. Nokia | UET United vs. ZTE Corporation | UET United vs. Hewlett Packard Enterprise |
| Check-Cap vs. Australian Agricultural | Check-Cap vs. GEELY AUTOMOBILE | Check-Cap vs. FARM 51 GROUP | Check-Cap vs. DAIRY FARM INTL |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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