Correlation Between Uxin and Lazydays Holdings
Can any of the company-specific risk be diversified away by investing in both Uxin and Lazydays Holdings 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 Uxin and Lazydays Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Uxin and Lazydays Holdings, you can compare the effects of market volatilities on Uxin and Lazydays Holdings 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 Uxin with a short position of Lazydays Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uxin and Lazydays Holdings.
Diversification Opportunities for Uxin and Lazydays Holdings
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Uxin and Lazydays is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Uxin and Lazydays Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lazydays Holdings and Uxin 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 Uxin are associated (or correlated) with Lazydays Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lazydays Holdings has no effect on the direction of Uxin i.e., Uxin and Lazydays Holdings go up and down completely randomly.
Pair Corralation between Uxin and Lazydays Holdings
If you would invest 406.00 in Uxin on August 30, 2024 and sell it today you would earn a total of 21.00 from holding Uxin or generate 5.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Uxin vs. Lazydays Holdings
Performance |
| Timeline |
| Uxin |
| Lazydays Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Uxin and Lazydays Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uxin and Lazydays Holdings
The main advantage of trading using opposite Uxin and Lazydays Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uxin position performs unexpectedly, Lazydays Holdings 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 Lazydays Holdings will offset losses from the drop in Lazydays Holdings' long position.| Uxin vs. Kingsway Financial Services | Uxin vs. KAR Auction Services | Uxin vs. Cango Inc | Uxin vs. Vroom Inc |
| Lazydays Holdings vs. Limbach Holdings | Lazydays Holdings vs. Clarus Corp | Lazydays Holdings vs. Onewater Marine | Lazydays Holdings vs. One Group Hospitality |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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