Correlation Between Hite Jinro and Korea Real
Can any of the company-specific risk be diversified away by investing in both Hite Jinro and Korea Real 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 Hite Jinro and Korea Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hite Jinro and Korea Real Estate, you can compare the effects of market volatilities on Hite Jinro and Korea Real 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 Hite Jinro with a short position of Korea Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hite Jinro and Korea Real.
Diversification Opportunities for Hite Jinro and Korea Real
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hite and Korea is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hite Jinro and Korea Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Korea Real Estate and Hite Jinro 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 Hite Jinro are associated (or correlated) with Korea Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Korea Real Estate has no effect on the direction of Hite Jinro i.e., Hite Jinro and Korea Real go up and down completely randomly.
Pair Corralation between Hite Jinro and Korea Real
If you would invest (100.00) in Hite Jinro on September 3, 2024 and sell it today you would earn a total of 100.00 from holding Hite Jinro or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Hite Jinro vs. Korea Real Estate
Performance |
| Timeline |
| Hite Jinro |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Korea Real Estate |
Hite Jinro and Korea Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hite Jinro and Korea Real
The main advantage of trading using opposite Hite Jinro and Korea Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hite Jinro position performs unexpectedly, Korea Real 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 Korea Real will offset losses from the drop in Korea Real's long position.| Hite Jinro vs. Dongil Steel Co | Hite Jinro vs. Innowireless Co | Hite Jinro vs. Lotte Data Communication | Hite Jinro vs. Hanil Iron Steel |
| Korea Real vs. Sejong Telecom | Korea Real vs. Mobileleader CoLtd | Korea Real vs. Lotte Data Communication | Korea Real vs. Wireless Power Amplifier |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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