Correlation Between UNIQA INSURANCE and ALTAIR RES
Can any of the company-specific risk be diversified away by investing in both UNIQA INSURANCE and ALTAIR RES 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 UNIQA INSURANCE and ALTAIR RES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UNIQA INSURANCE GR and ALTAIR RES INC, you can compare the effects of market volatilities on UNIQA INSURANCE and ALTAIR RES 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 UNIQA INSURANCE with a short position of ALTAIR RES. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNIQA INSURANCE and ALTAIR RES.
Diversification Opportunities for UNIQA INSURANCE and ALTAIR RES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNIQA and ALTAIR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNIQA INSURANCE GR and ALTAIR RES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALTAIR RES INC and UNIQA INSURANCE 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 UNIQA INSURANCE GR are associated (or correlated) with ALTAIR RES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALTAIR RES INC has no effect on the direction of UNIQA INSURANCE i.e., UNIQA INSURANCE and ALTAIR RES go up and down completely randomly.
Pair Corralation between UNIQA INSURANCE and ALTAIR RES
Assuming the 90 days trading horizon UNIQA INSURANCE is expected to generate 18.44 times less return on investment than ALTAIR RES. But when comparing it to its historical volatility, UNIQA INSURANCE GR is 37.57 times less risky than ALTAIR RES. It trades about 0.1 of its potential returns per unit of risk. ALTAIR RES INC is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 0.05 in ALTAIR RES INC on April 20, 2025 and sell it today you would earn a total of 0.00 from holding ALTAIR RES INC or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
UNIQA INSURANCE GR vs. ALTAIR RES INC
Performance |
Timeline |
UNIQA INSURANCE GR |
ALTAIR RES INC |
UNIQA INSURANCE and ALTAIR RES Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with UNIQA INSURANCE and ALTAIR RES
The main advantage of trading using opposite UNIQA INSURANCE and ALTAIR RES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNIQA INSURANCE position performs unexpectedly, ALTAIR RES 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 ALTAIR RES will offset losses from the drop in ALTAIR RES's long position.UNIQA INSURANCE vs. Nissan Chemical Corp | UNIQA INSURANCE vs. AIR PRODCHEMICALS | UNIQA INSURANCE vs. CLEAN ENERGY FUELS | UNIQA INSURANCE vs. ALERION CLEANPOWER |
ALTAIR RES vs. REGAL ASIAN INVESTMENTS | ALTAIR RES vs. CSSC Offshore Marine | ALTAIR RES vs. Virtus Investment Partners | ALTAIR RES vs. Odyssean Investment Trust |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |