Correlation Between UNIQA INSURANCE and PVH Corp
Can any of the company-specific risk be diversified away by investing in both UNIQA INSURANCE and PVH Corp 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 UNIQA INSURANCE and PVH Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UNIQA INSURANCE GR and PVH Corp, you can compare the effects of market volatilities on UNIQA INSURANCE and PVH Corp 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 UNIQA INSURANCE with a short position of PVH Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNIQA INSURANCE and PVH Corp.
Diversification Opportunities for UNIQA INSURANCE and PVH Corp
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between UNIQA and PVH is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding UNIQA INSURANCE GR and PVH Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PVH Corp and UNIQA INSURANCE 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 UNIQA INSURANCE GR are associated (or correlated) with PVH Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PVH Corp has no effect on the direction of UNIQA INSURANCE i.e., UNIQA INSURANCE and PVH Corp go up and down completely randomly.
Pair Corralation between UNIQA INSURANCE and PVH Corp
Assuming the 90 days trading horizon UNIQA INSURANCE GR is expected to generate 0.34 times more return on investment than PVH Corp. However, UNIQA INSURANCE GR is 2.97 times less risky than PVH Corp. It trades about 0.16 of its potential returns per unit of risk. PVH Corp is currently generating about -0.28 per unit of risk. If you would invest 782.00 in UNIQA INSURANCE GR on November 6, 2024 and sell it today you would earn a total of 19.00 from holding UNIQA INSURANCE GR or generate 2.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UNIQA INSURANCE GR vs. PVH Corp
Performance |
| Timeline |
| UNIQA INSURANCE GR |
| PVH Corp |
UNIQA INSURANCE and PVH Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNIQA INSURANCE and PVH Corp
The main advantage of trading using opposite UNIQA INSURANCE and PVH Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNIQA INSURANCE position performs unexpectedly, PVH Corp 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 PVH Corp will offset losses from the drop in PVH Corp's long position.| UNIQA INSURANCE vs. Sunny Optical Technology | UNIQA INSURANCE vs. Firan Technology Group | UNIQA INSURANCE vs. VELA TECHNOLPLC LS 0001 | UNIQA INSURANCE vs. Sanyo Chemical Industries |
| PVH Corp vs. Sixt Leasing SE | PVH Corp vs. Global Ship Lease | PVH Corp vs. Telecom Argentina SA | PVH Corp vs. Air Lease |
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..
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |