Correlation Between Sihui Fuji and Unigroup Guoxin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sihui Fuji Electronics and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Sihui Fuji and Unigroup Guoxin 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 Sihui Fuji with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sihui Fuji and Unigroup Guoxin.
Diversification Opportunities for Sihui Fuji and Unigroup Guoxin
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sihui and Unigroup is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Sihui Fuji Electronics and Unigroup Guoxin Microelectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unigroup Guoxin Micr and Sihui Fuji 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 Sihui Fuji Electronics are associated (or correlated) with Unigroup Guoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unigroup Guoxin Micr has no effect on the direction of Sihui Fuji i.e., Sihui Fuji and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Sihui Fuji and Unigroup Guoxin
Assuming the 90 days trading horizon Sihui Fuji is expected to generate 1.72 times less return on investment than Unigroup Guoxin. In addition to that, Sihui Fuji is 1.2 times more volatile than Unigroup Guoxin Microelectronics. It trades about 0.08 of its total potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about 0.16 per unit of volatility. If you would invest 6,399 in Unigroup Guoxin Microelectronics on December 10, 2024 and sell it today you would earn a total of 658.00 from holding Unigroup Guoxin Microelectronics or generate 10.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Sihui Fuji Electronics vs. Unigroup Guoxin Microelectroni
Performance |
Timeline |
Sihui Fuji Electronics |
Unigroup Guoxin Micr |
Sihui Fuji and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sihui Fuji and Unigroup Guoxin
The main advantage of trading using opposite Sihui Fuji and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sihui Fuji position performs unexpectedly, Unigroup Guoxin 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 Unigroup Guoxin will offset losses from the drop in Unigroup Guoxin's long position.Sihui Fuji vs. Ningbo MedicalSystem Biotechnology | Sihui Fuji vs. Jilin OLED Material | Sihui Fuji vs. Liaoning Chengda Biotechnology | Sihui Fuji vs. Lootom Telcovideo Network |
Unigroup Guoxin vs. Hengli Industrial Development | Unigroup Guoxin vs. Gem Year Industrial Co | Unigroup Guoxin vs. Tibet Huayu Mining | Unigroup Guoxin vs. Fujian Nebula Electronics |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |