Correlation Between UET United and GALENA MINING
Can any of the company-specific risk be diversified away by investing in both UET United and GALENA MINING 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 UET United and GALENA MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UET United Electronic and GALENA MINING LTD, you can compare the effects of market volatilities on UET United and GALENA MINING 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 UET United with a short position of GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of UET United and GALENA MINING.
Diversification Opportunities for UET United and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UET and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UET United Electronic and GALENA MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GALENA MINING LTD and UET United 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 UET United Electronic are associated (or correlated) with GALENA MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GALENA MINING LTD has no effect on the direction of UET United i.e., UET United and GALENA MINING go up and down completely randomly.
Pair Corralation between UET United and GALENA MINING
If you would invest 93.00 in UET United Electronic on December 5, 2024 and sell it today you would lose (1.00) from holding UET United Electronic or give up 1.08% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 97.62% |
Values | Daily Returns |
UET United Electronic vs. GALENA MINING LTD
Performance |
Timeline |
UET United Electronic |
GALENA MINING LTD |
UET United and GALENA MINING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with UET United and GALENA MINING
The main advantage of trading using opposite UET United and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UET United position performs unexpectedly, GALENA MINING 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 GALENA MINING will offset losses from the drop in GALENA MINING's long position.UET United vs. CONTAGIOUS GAMING INC | UET United vs. Penn National Gaming | UET United vs. Japan Tobacco | UET United vs. QINGCI GAMES INC |
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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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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