Correlation Between U Power and CMCSA
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By analyzing existing cross correlation between U Power Limited and CMCSA 2937 01 NOV 56, you can compare the effects of market volatilities on U Power and CMCSA 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 CMCSA. Check out your portfolio center. Please also check ongoing floating volatility patterns of U Power and CMCSA.
Diversification Opportunities for U Power and CMCSA
Very good diversification
The 3 months correlation between UCAR and CMCSA is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding U Power Limited and CMCSA 2937 01 NOV 56 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CMCSA 2937 01 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 CMCSA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CMCSA 2937 01 has no effect on the direction of U Power i.e., U Power and CMCSA go up and down completely randomly.
Pair Corralation between U Power and CMCSA
Given the investment horizon of 90 days U Power is expected to generate 2.87 times less return on investment than CMCSA. In addition to that, U Power is 3.71 times more volatile than CMCSA 2937 01 NOV 56. It trades about 0.03 of its total potential returns per unit of risk. CMCSA 2937 01 NOV 56 is currently generating about 0.28 per unit of volatility. If you would invest 6,142 in CMCSA 2937 01 NOV 56 on September 12, 2024 and sell it today you would earn a total of 411.00 from holding CMCSA 2937 01 NOV 56 or generate 6.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
U Power Limited vs. CMCSA 2937 01 NOV 56
Performance |
| Timeline |
| U Power Limited |
| CMCSA 2937 01 |
U Power and CMCSA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with U Power and CMCSA
The main advantage of trading using opposite U Power and CMCSA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if U Power position performs unexpectedly, CMCSA 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 CMCSA will offset losses from the drop in CMCSA's long position.| U Power vs. Kaixin Auto Holdings | U Power vs. Uxin | U Power vs. SunCar Technology Group | U Power vs. Carvana Co |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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