Correlation Between UET United and IMAGIN MEDICAL

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Can any of the company-specific risk be diversified away by investing in both UET United and IMAGIN MEDICAL 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 IMAGIN MEDICAL 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 IMAGIN MEDICAL INC, you can compare the effects of market volatilities on UET United and IMAGIN MEDICAL 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 IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of UET United and IMAGIN MEDICAL.

Diversification Opportunities for UET United and IMAGIN MEDICAL

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between UET and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UET United Electronic and IMAGIN MEDICAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAGIN MEDICAL INC 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 IMAGIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAGIN MEDICAL INC has no effect on the direction of UET United i.e., UET United and IMAGIN MEDICAL go up and down completely randomly.

Pair Corralation between UET United and IMAGIN MEDICAL

If you would invest  80.00  in UET United Electronic on September 12, 2024 and sell it today you would earn a total of  16.00  from holding UET United Electronic or generate 20.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy95.45%
ValuesDaily Returns

UET United Electronic  vs.  IMAGIN MEDICAL INC

 Performance 
       Timeline  
UET United Electronic 

Risk-Adjusted Performance

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Compared to the overall equity markets, risk-adjusted returns on investments in UET United Electronic are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable fundamental indicators, UET United is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.
IMAGIN MEDICAL INC 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days IMAGIN MEDICAL INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, IMAGIN MEDICAL is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

UET United and IMAGIN MEDICAL Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with UET United and IMAGIN MEDICAL

The main advantage of trading using opposite UET United and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UET United position performs unexpectedly, IMAGIN MEDICAL 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 IMAGIN MEDICAL will offset losses from the drop in IMAGIN MEDICAL's long position.
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The idea behind UET United Electronic and IMAGIN MEDICAL INC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.

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