Correlation Between Sunny Optical and Unilever Plc
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By analyzing existing cross correlation between Sunny Optical Technology and Unilever Plc, you can compare the effects of market volatilities on Sunny Optical and Unilever Plc 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 Sunny Optical with a short position of Unilever Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Optical and Unilever Plc.
Diversification Opportunities for Sunny Optical and Unilever Plc
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sunny and Unilever is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Optical Technology and Unilever Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unilever Plc and Sunny Optical 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 Sunny Optical Technology are associated (or correlated) with Unilever Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unilever Plc has no effect on the direction of Sunny Optical i.e., Sunny Optical and Unilever Plc go up and down completely randomly.
Pair Corralation between Sunny Optical and Unilever Plc
Assuming the 90 days horizon Sunny Optical Technology is expected to generate 3.71 times more return on investment than Unilever Plc. However, Sunny Optical is 3.71 times more volatile than Unilever Plc. It trades about 0.05 of its potential returns per unit of risk. Unilever Plc is currently generating about 0.13 per unit of risk. If you would invest 652.00 in Sunny Optical Technology on November 9, 2024 and sell it today you would earn a total of 227.00 from holding Sunny Optical Technology or generate 34.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 77.12% |
| Values | Daily Returns |
Sunny Optical Technology vs. Unilever Plc
Performance |
| Timeline |
| Sunny Optical Technology |
| Unilever Plc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Sunny Optical and Unilever Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Optical and Unilever Plc
The main advantage of trading using opposite Sunny Optical and Unilever Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Optical position performs unexpectedly, Unilever Plc 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 Unilever Plc will offset losses from the drop in Unilever Plc's long position.| Sunny Optical vs. RCS MediaGroup SpA | Sunny Optical vs. Yuexiu Transport Infrastructure | Sunny Optical vs. ANTA SPORTS PRODUCT | Sunny Optical vs. TITANIUM TRANSPORTGROUP |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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