Correlation Between NI Holdings and UCGIM
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By analyzing existing cross correlation between NI Holdings and UCGIM 2569 22 SEP 26, you can compare the effects of market volatilities on NI Holdings and UCGIM 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 NI Holdings with a short position of UCGIM. Check out your portfolio center. Please also check ongoing floating volatility patterns of NI Holdings and UCGIM.
Diversification Opportunities for NI Holdings and UCGIM
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between NODK and UCGIM is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding NI Holdings and UCGIM 2569 22 SEP 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UCGIM 2569 22 and NI Holdings 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 NI Holdings are associated (or correlated) with UCGIM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UCGIM 2569 22 has no effect on the direction of NI Holdings i.e., NI Holdings and UCGIM go up and down completely randomly.
Pair Corralation between NI Holdings and UCGIM
Given the investment horizon of 90 days NI Holdings is expected to generate 2.98 times more return on investment than UCGIM. However, NI Holdings is 2.98 times more volatile than UCGIM 2569 22 SEP 26. It trades about 0.03 of its potential returns per unit of risk. UCGIM 2569 22 SEP 26 is currently generating about 0.06 per unit of risk. If you would invest 1,397 in NI Holdings on September 3, 2024 and sell it today you would earn a total of 217.00 from holding NI Holdings or generate 15.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 46.67% |
| Values | Daily Returns |
NI Holdings vs. UCGIM 2569 22 SEP 26
Performance |
| Timeline |
| NI Holdings |
| UCGIM 2569 22 |
NI Holdings and UCGIM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NI Holdings and UCGIM
The main advantage of trading using opposite NI Holdings and UCGIM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NI Holdings position performs unexpectedly, UCGIM 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 UCGIM will offset losses from the drop in UCGIM's long position.| NI Holdings vs. Horace Mann Educators | NI Holdings vs. Donegal Group A | NI Holdings vs. Global Indemnity PLC | NI Holdings vs. Selective Insurance Group |
| UCGIM vs. Vita Coco | UCGIM vs. Willamette Valley Vineyards | UCGIM vs. Socket Mobile | UCGIM vs. Ambev SA ADR |
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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