Correlation Between Universal Display and GLENLN
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By analyzing existing cross correlation between Universal Display and GLENLN 1625 01 SEP 25, you can compare the effects of market volatilities on Universal Display and GLENLN 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 Universal Display with a short position of GLENLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Universal Display and GLENLN.
Diversification Opportunities for Universal Display and GLENLN
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Universal and GLENLN is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Universal Display and GLENLN 1625 01 SEP 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLENLN 1625 01 and Universal Display 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 Universal Display are associated (or correlated) with GLENLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLENLN 1625 01 has no effect on the direction of Universal Display i.e., Universal Display and GLENLN go up and down completely randomly.
Pair Corralation between Universal Display and GLENLN
Given the investment horizon of 90 days Universal Display is expected to under-perform the GLENLN. In addition to that, Universal Display is 5.74 times more volatile than GLENLN 1625 01 SEP 25. It trades about -0.14 of its total potential returns per unit of risk. GLENLN 1625 01 SEP 25 is currently generating about -0.11 per unit of volatility. If you would invest 9,710 in GLENLN 1625 01 SEP 25 on September 12, 2024 and sell it today you would lose (180.00) from holding GLENLN 1625 01 SEP 25 or give up 1.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 67.19% |
| Values | Daily Returns |
Universal Display vs. GLENLN 1625 01 SEP 25
Performance |
| Timeline |
| Universal Display |
| GLENLN 1625 01 |
Universal Display and GLENLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Universal Display and GLENLN
The main advantage of trading using opposite Universal Display and GLENLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Universal Display position performs unexpectedly, GLENLN 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 GLENLN will offset losses from the drop in GLENLN's long position.| Universal Display vs. Plexus Corp | Universal Display vs. Methode Electronics | Universal Display vs. Benchmark Electronics | Universal Display vs. Bel Fuse A |
| GLENLN vs. Primo Brands | GLENLN vs. Celsius Holdings | GLENLN vs. Willamette Valley Vineyards | GLENLN vs. China Tontine Wines |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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