Correlation Between UNICREDIT and RLX Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between UNICREDIT SPA 5861 and RLX Technology, you can compare the effects of market volatilities on UNICREDIT and RLX Technology 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 UNICREDIT with a short position of RLX Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNICREDIT and RLX Technology.
Diversification Opportunities for UNICREDIT and RLX Technology
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between UNICREDIT and RLX is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding UNICREDIT SPA 5861 and RLX Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RLX Technology and UNICREDIT 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 UNICREDIT SPA 5861 are associated (or correlated) with RLX Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RLX Technology has no effect on the direction of UNICREDIT i.e., UNICREDIT and RLX Technology go up and down completely randomly.
Pair Corralation between UNICREDIT and RLX Technology
Assuming the 90 days trading horizon UNICREDIT SPA 5861 is expected to under-perform the RLX Technology. But the bond apears to be less risky and, when comparing its historical volatility, UNICREDIT SPA 5861 is 1.22 times less risky than RLX Technology. The bond trades about -0.24 of its potential returns per unit of risk. The RLX Technology is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 170.00 in RLX Technology on August 28, 2024 and sell it today you would earn a total of 13.00 from holding RLX Technology or generate 7.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
UNICREDIT SPA 5861 vs. RLX Technology
Performance |
| Timeline |
| UNICREDIT SPA 5861 |
| RLX Technology |
UNICREDIT and RLX Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNICREDIT and RLX Technology
The main advantage of trading using opposite UNICREDIT and RLX Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNICREDIT position performs unexpectedly, RLX Technology 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 RLX Technology will offset losses from the drop in RLX Technology's long position.| UNICREDIT vs. AEP TEX INC | UNICREDIT vs. US BANK NATIONAL | UNICREDIT vs. Eat Beyond Global | UNICREDIT vs. Charles Schwab Corp |
| RLX Technology vs. Bellring Brands LLC | RLX Technology vs. Ingredion Incorporated | RLX Technology vs. Nomad Foods | RLX Technology vs. Simply Good Foods |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Commodity Directory Find actively traded commodities issued by global exchanges |