Correlation Between U Power and 037389AK9
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By analyzing existing cross correlation between U Power Limited and AON P 8205, you can compare the effects of market volatilities on U Power and 037389AK9 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 U Power with a short position of 037389AK9. Check out your portfolio center. Please also check ongoing floating volatility patterns of U Power and 037389AK9.
Diversification Opportunities for U Power and 037389AK9
Average diversification
The 3 months correlation between UCAR and 037389AK9 is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding U Power Limited and AON P 8205 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AON P 8205 and U Power 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 U Power Limited are associated (or correlated) with 037389AK9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AON P 8205 has no effect on the direction of U Power i.e., U Power and 037389AK9 go up and down completely randomly.
Pair Corralation between U Power and 037389AK9
Given the investment horizon of 90 days U Power Limited is expected to generate 9.46 times more return on investment than 037389AK9. However, U Power is 9.46 times more volatile than AON P 8205. It trades about 0.33 of its potential returns per unit of risk. AON P 8205 is currently generating about 0.19 per unit of risk. If you would invest 660.00 in U Power Limited on October 22, 2024 and sell it today you would earn a total of 245.00 from holding U Power Limited or generate 37.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 68.42% |
| Values | Daily Returns |
U Power Limited vs. AON P 8205
Performance |
| Timeline |
| U Power Limited |
| AON P 8205 |
U Power and 037389AK9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with U Power and 037389AK9
The main advantage of trading using opposite U Power and 037389AK9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if U Power position performs unexpectedly, 037389AK9 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 037389AK9 will offset losses from the drop in 037389AK9's long position.| U Power vs. Kaixin Auto Holdings | U Power vs. Uxin | U Power vs. SunCar Technology Group | U Power vs. Carvana Co |
| 037389AK9 vs. AEP TEX INC | 037389AK9 vs. US BANK NATIONAL | 037389AK9 vs. Osprey Solana Trust | 037389AK9 vs. ANSYS Inc |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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