Correlation Between Mirae Asset and Hanjinkal
Can any of the company-specific risk be diversified away by investing in both Mirae Asset and Hanjinkal 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 Mirae Asset and Hanjinkal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mirae Asset Daewoo and Hanjinkal, you can compare the effects of market volatilities on Mirae Asset and Hanjinkal 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 Mirae Asset with a short position of Hanjinkal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mirae Asset and Hanjinkal.
Diversification Opportunities for Mirae Asset and Hanjinkal
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mirae and Hanjinkal is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mirae Asset Daewoo and Hanjinkal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hanjinkal and Mirae Asset 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 Mirae Asset Daewoo are associated (or correlated) with Hanjinkal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hanjinkal has no effect on the direction of Mirae Asset i.e., Mirae Asset and Hanjinkal go up and down completely randomly.
Pair Corralation between Mirae Asset and Hanjinkal
If you would invest 391,767 in Mirae Asset Daewoo on August 29, 2024 and sell it today you would earn a total of 49,733 from holding Mirae Asset Daewoo or generate 12.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Mirae Asset Daewoo vs. Hanjinkal
Performance |
| Timeline |
| Mirae Asset Daewoo |
| Hanjinkal |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
Mirae Asset and Hanjinkal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mirae Asset and Hanjinkal
The main advantage of trading using opposite Mirae Asset and Hanjinkal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mirae Asset position performs unexpectedly, Hanjinkal 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 Hanjinkal will offset losses from the drop in Hanjinkal's long position.| Mirae Asset vs. Hana Technology Co | Mirae Asset vs. Daejung Chemicals Metals | Mirae Asset vs. PJ Metal Co | Mirae Asset vs. Eagle Veterinary Technology |
| Hanjinkal vs. Korean Drug Co | Hanjinkal vs. Shinsegae Information Communication | Hanjinkal vs. CU Medical Systems | Hanjinkal vs. Inzi Display CoLtd |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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