Correlation Between United Bankers and Aiforia Technologies
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By analyzing existing cross correlation between United Bankers Oyj and Aiforia Technologies Oyj, you can compare the effects of market volatilities on United Bankers and Aiforia Technologies 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 United Bankers with a short position of Aiforia Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of United Bankers and Aiforia Technologies.
Diversification Opportunities for United Bankers and Aiforia Technologies
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between United and Aiforia is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding United Bankers Oyj and Aiforia Technologies Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aiforia Technologies Oyj and United Bankers 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 United Bankers Oyj are associated (or correlated) with Aiforia Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aiforia Technologies Oyj has no effect on the direction of United Bankers i.e., United Bankers and Aiforia Technologies go up and down completely randomly.
Pair Corralation between United Bankers and Aiforia Technologies
Assuming the 90 days trading horizon United Bankers Oyj is expected to generate 0.8 times more return on investment than Aiforia Technologies. However, United Bankers Oyj is 1.25 times less risky than Aiforia Technologies. It trades about 0.04 of its potential returns per unit of risk. Aiforia Technologies Oyj is currently generating about -0.34 per unit of risk. If you would invest 1,800 in United Bankers Oyj on August 27, 2024 and sell it today you would earn a total of 20.00 from holding United Bankers Oyj or generate 1.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
United Bankers Oyj vs. Aiforia Technologies Oyj
Performance |
| Timeline |
| United Bankers Oyj |
| Aiforia Technologies Oyj |
United Bankers and Aiforia Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with United Bankers and Aiforia Technologies
The main advantage of trading using opposite United Bankers and Aiforia Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United Bankers position performs unexpectedly, Aiforia Technologies 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 Aiforia Technologies will offset losses from the drop in Aiforia Technologies' long position.| United Bankers vs. Vaisala Oyj A | United Bankers vs. CapMan Oyj B | United Bankers vs. HKFoods Oyj A | United Bankers vs. KONE Oyj |
| Aiforia Technologies vs. Kamux Suomi Oy | Aiforia Technologies vs. Harvia Oyj | Aiforia Technologies vs. Qt Group Oyj | Aiforia Technologies vs. Tecnotree Oyj |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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