Correlation Between UET United and Polski Koncern
Can any of the company-specific risk be diversified away by investing in both UET United and Polski Koncern 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 Polski Koncern 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 Polski Koncern Naftowy, you can compare the effects of market volatilities on UET United and Polski Koncern 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 Polski Koncern. Check out your portfolio center. Please also check ongoing floating volatility patterns of UET United and Polski Koncern.
Diversification Opportunities for UET United and Polski Koncern
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UET and Polski is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UET United Electronic and Polski Koncern Naftowy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Polski Koncern Naftowy 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 Polski Koncern. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Polski Koncern Naftowy has no effect on the direction of UET United i.e., UET United and Polski Koncern go up and down completely randomly.
Pair Corralation between UET United and Polski Koncern
If you would invest 78.00 in UET United Electronic on September 5, 2024 and sell it today you would earn a total of 20.00 from holding UET United Electronic or generate 25.64% 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. Polski Koncern Naftowy
Performance |
| Timeline |
| UET United Electronic |
| Polski Koncern Naftowy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
UET United and Polski Koncern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UET United and Polski Koncern
The main advantage of trading using opposite UET United and Polski Koncern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UET United position performs unexpectedly, Polski Koncern 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 Polski Koncern will offset losses from the drop in Polski Koncern's long position.| UET United vs. HANOVER INSURANCE | UET United vs. The Hanover Insurance | UET United vs. ZURICH INSURANCE GROUP | UET United vs. CENTURIA OFFICE REIT |
| Polski Koncern vs. QUEEN S ROAD | Polski Koncern vs. PLAYSTUDIOS A DL 0001 | Polski Koncern vs. ANTA SPORTS PRODUCT | Polski Koncern vs. COPLAND ROAD CAPITAL |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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