Correlation Between Cho Bi and CKH Food
Can any of the company-specific risk be diversified away by investing in both Cho Bi and CKH Food 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 Cho Bi and CKH Food into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cho Bi Co and CKH Food Health, you can compare the effects of market volatilities on Cho Bi and CKH Food 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 Cho Bi with a short position of CKH Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cho Bi and CKH Food.
Diversification Opportunities for Cho Bi and CKH Food
Pay attention - limited upside
The 3 months correlation between Cho and CKH is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cho Bi Co and CKH Food Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CKH Food Health and Cho Bi 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 Cho Bi Co are associated (or correlated) with CKH Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CKH Food Health has no effect on the direction of Cho Bi i.e., Cho Bi and CKH Food go up and down completely randomly.
Pair Corralation between Cho Bi and CKH Food
If you would invest 0.00 in Cho Bi Co on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Cho Bi Co or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Cho Bi Co vs. CKH Food Health
Performance |
| Timeline |
| Cho Bi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CKH Food Health |
Cho Bi and CKH Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cho Bi and CKH Food
The main advantage of trading using opposite Cho Bi and CKH Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cho Bi position performs unexpectedly, CKH Food 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 CKH Food will offset losses from the drop in CKH Food's long position.| Cho Bi vs. Seoul Electronics Telecom | Cho Bi vs. Nable Communications | Cho Bi vs. Pungguk Ethanol Industrial | Cho Bi vs. Lotte Data Communication |
| CKH Food vs. LG Display | CKH Food vs. Hyundai Motor | CKH Food vs. Hyundai Motor Co | CKH Food vs. Hyundai Motor Co |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |