Correlation Between Unifin Financiera and Western Union
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By analyzing existing cross correlation between Unifin Financiera S and The Western Union, you can compare the effects of market volatilities on Unifin Financiera and Western Union 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 Unifin Financiera with a short position of Western Union. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unifin Financiera and Western Union.
Diversification Opportunities for Unifin Financiera and Western Union
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Unifin and Western is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Unifin Financiera S and The Western Union in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Western Union and Unifin Financiera 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 Unifin Financiera S are associated (or correlated) with Western Union. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Union has no effect on the direction of Unifin Financiera i.e., Unifin Financiera and Western Union go up and down completely randomly.
Pair Corralation between Unifin Financiera and Western Union
If you would invest 22,100 in The Western Union on August 27, 2024 and sell it today you would earn a total of 100.00 from holding The Western Union or generate 0.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Unifin Financiera S vs. The Western Union
Performance |
| Timeline |
| Unifin Financiera |
| Western Union |
Unifin Financiera and Western Union Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unifin Financiera and Western Union
The main advantage of trading using opposite Unifin Financiera and Western Union positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unifin Financiera position performs unexpectedly, Western Union 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 Western Union will offset losses from the drop in Western Union's long position.| Unifin Financiera vs. Grupo Carso SAB | Unifin Financiera vs. Kimberly Clark de Mxico | Unifin Financiera vs. Alfa SAB de | Unifin Financiera vs. Grupo Televisa SAB |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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