Correlation Between Uranium Energy and GENERAL
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By analyzing existing cross correlation between Uranium Energy Corp and GENERAL ELEC CAP, you can compare the effects of market volatilities on Uranium Energy and GENERAL 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 Uranium Energy with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uranium Energy and GENERAL.
Diversification Opportunities for Uranium Energy and GENERAL
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Uranium and GENERAL is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Uranium Energy Corp and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP and Uranium Energy 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 Uranium Energy Corp are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Uranium Energy i.e., Uranium Energy and GENERAL go up and down completely randomly.
Pair Corralation between Uranium Energy and GENERAL
Considering the 90-day investment horizon Uranium Energy Corp is expected to generate 2.38 times more return on investment than GENERAL. However, Uranium Energy is 2.38 times more volatile than GENERAL ELEC CAP. It trades about 0.1 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.16 per unit of risk. If you would invest 714.00 in Uranium Energy Corp on September 13, 2024 and sell it today you would earn a total of 104.00 from holding Uranium Energy Corp or generate 14.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 65.12% |
| Values | Daily Returns |
Uranium Energy Corp vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Uranium Energy Corp |
| GENERAL ELEC CAP |
Uranium Energy and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uranium Energy and GENERAL
The main advantage of trading using opposite Uranium Energy and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uranium Energy position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Uranium Energy vs. Energy Fuels | Uranium Energy vs. Denison Mines Corp | Uranium Energy vs. Cameco Corp | Uranium Energy vs. NexGen Energy |
| GENERAL vs. American Airlines Group | GENERAL vs. Paiute Oil Mining | GENERAL vs. Digi International | GENERAL vs. Uranium Energy Corp |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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