Correlation Between ASTRAZENECA and U Power
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By analyzing existing cross correlation between ASTRAZENECA PLC 4375 and U Power Limited, you can compare the effects of market volatilities on ASTRAZENECA and U Power 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 ASTRAZENECA with a short position of U Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASTRAZENECA and U Power.
Diversification Opportunities for ASTRAZENECA and U Power
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ASTRAZENECA and UCAR is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding ASTRAZENECA PLC 4375 and U Power Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on U Power Limited and ASTRAZENECA 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 ASTRAZENECA PLC 4375 are associated (or correlated) with U Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of U Power Limited has no effect on the direction of ASTRAZENECA i.e., ASTRAZENECA and U Power go up and down completely randomly.
Pair Corralation between ASTRAZENECA and U Power
Assuming the 90 days trading horizon ASTRAZENECA PLC 4375 is expected to generate 0.2 times more return on investment than U Power. However, ASTRAZENECA PLC 4375 is 4.89 times less risky than U Power. It trades about 0.02 of its potential returns per unit of risk. U Power Limited is currently generating about -0.16 per unit of risk. If you would invest 8,839 in ASTRAZENECA PLC 4375 on August 29, 2024 and sell it today you would earn a total of 24.00 from holding ASTRAZENECA PLC 4375 or generate 0.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.82% |
| Values | Daily Returns |
ASTRAZENECA PLC 4375 vs. U Power Limited
Performance |
| Timeline |
| ASTRAZENECA PLC 4375 |
| U Power Limited |
ASTRAZENECA and U Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASTRAZENECA and U Power
The main advantage of trading using opposite ASTRAZENECA and U Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASTRAZENECA position performs unexpectedly, U Power 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 U Power will offset losses from the drop in U Power's long position.| ASTRAZENECA vs. Monster Beverage Corp | ASTRAZENECA vs. Diageo PLC ADR | ASTRAZENECA vs. Compania Cervecerias Unidas | ASTRAZENECA vs. Oatly Group AB |
| U Power vs. Kingsway Financial Services | U Power vs. KAR Auction Services | U Power vs. Cango Inc | U Power vs. Vroom Inc |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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