Correlation Between TIANDE CHEMICAL and UNIQA INSURANCE
Can any of the company-specific risk be diversified away by investing in both TIANDE CHEMICAL and UNIQA INSURANCE 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 TIANDE CHEMICAL and UNIQA INSURANCE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TIANDE CHEMICAL and UNIQA INSURANCE GR, you can compare the effects of market volatilities on TIANDE CHEMICAL and UNIQA INSURANCE 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 TIANDE CHEMICAL with a short position of UNIQA INSURANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of TIANDE CHEMICAL and UNIQA INSURANCE.
Diversification Opportunities for TIANDE CHEMICAL and UNIQA INSURANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TIANDE and UNIQA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TIANDE CHEMICAL and UNIQA INSURANCE GR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNIQA INSURANCE GR and TIANDE CHEMICAL 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 TIANDE CHEMICAL are associated (or correlated) with UNIQA INSURANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNIQA INSURANCE GR has no effect on the direction of TIANDE CHEMICAL i.e., TIANDE CHEMICAL and UNIQA INSURANCE go up and down completely randomly.
Pair Corralation between TIANDE CHEMICAL and UNIQA INSURANCE
If you would invest 784.00 in UNIQA INSURANCE GR on November 8, 2024 and sell it today you would earn a total of 22.00 from holding UNIQA INSURANCE GR or generate 2.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
TIANDE CHEMICAL vs. UNIQA INSURANCE GR
Performance |
| Timeline |
| TIANDE CHEMICAL |
| UNIQA INSURANCE GR |
TIANDE CHEMICAL and UNIQA INSURANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TIANDE CHEMICAL and UNIQA INSURANCE
The main advantage of trading using opposite TIANDE CHEMICAL and UNIQA INSURANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TIANDE CHEMICAL position performs unexpectedly, UNIQA INSURANCE 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 UNIQA INSURANCE will offset losses from the drop in UNIQA INSURANCE's long position.| TIANDE CHEMICAL vs. PARKEN Sport Entertainment | TIANDE CHEMICAL vs. GREENX METALS LTD | TIANDE CHEMICAL vs. Nippon Light Metal | TIANDE CHEMICAL vs. CompuGroup Medical SE |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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