Correlation Between Samil Enterprise and Aprogen Healthcare
Can any of the company-specific risk be diversified away by investing in both Samil Enterprise and Aprogen Healthcare 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 Samil Enterprise and Aprogen Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Samil Enterprise Co and Aprogen Healthcare Games, you can compare the effects of market volatilities on Samil Enterprise and Aprogen Healthcare 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 Samil Enterprise with a short position of Aprogen Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samil Enterprise and Aprogen Healthcare.
Diversification Opportunities for Samil Enterprise and Aprogen Healthcare
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Samil and Aprogen is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Samil Enterprise Co and Aprogen Healthcare Games in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aprogen Healthcare Games and Samil Enterprise 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 Samil Enterprise Co are associated (or correlated) with Aprogen Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aprogen Healthcare Games has no effect on the direction of Samil Enterprise i.e., Samil Enterprise and Aprogen Healthcare go up and down completely randomly.
Pair Corralation between Samil Enterprise and Aprogen Healthcare
Assuming the 90 days trading horizon Samil Enterprise Co is expected to generate 0.25 times more return on investment than Aprogen Healthcare. However, Samil Enterprise Co is 3.96 times less risky than Aprogen Healthcare. It trades about 0.38 of its potential returns per unit of risk. Aprogen Healthcare Games is currently generating about -0.16 per unit of risk. If you would invest 286,500 in Samil Enterprise Co on August 31, 2024 and sell it today you would earn a total of 27,500 from holding Samil Enterprise Co or generate 9.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Samil Enterprise Co vs. Aprogen Healthcare Games
Performance |
| Timeline |
| Samil Enterprise |
| Aprogen Healthcare Games |
Samil Enterprise and Aprogen Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Samil Enterprise and Aprogen Healthcare
The main advantage of trading using opposite Samil Enterprise and Aprogen Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samil Enterprise position performs unexpectedly, Aprogen Healthcare 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 Aprogen Healthcare will offset losses from the drop in Aprogen Healthcare's long position.| Samil Enterprise vs. E Investment Development | Samil Enterprise vs. Kukil Metal Co | Samil Enterprise vs. Choil Aluminum | Samil Enterprise vs. Kbi Metal Co |
| Aprogen Healthcare vs. Dongsin Engineering Construction | Aprogen Healthcare vs. Doosan Fuel Cell | Aprogen Healthcare vs. Daishin Balance 1 | Aprogen Healthcare vs. Total Soft Bank |
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.
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