Correlation Between Pureun Mutual and HB Technology
Can any of the company-specific risk be diversified away by investing in both Pureun Mutual and HB Technology 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 Pureun Mutual and HB Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pureun Mutual Savings and HB Technology TD, you can compare the effects of market volatilities on Pureun Mutual and HB Technology 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 Pureun Mutual with a short position of HB Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pureun Mutual and HB Technology.
Diversification Opportunities for Pureun Mutual and HB Technology
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Pureun and 078150 is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Pureun Mutual Savings and HB Technology TD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HB Technology TD and Pureun Mutual 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 Pureun Mutual Savings are associated (or correlated) with HB Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HB Technology TD has no effect on the direction of Pureun Mutual i.e., Pureun Mutual and HB Technology go up and down completely randomly.
Pair Corralation between Pureun Mutual and HB Technology
Assuming the 90 days trading horizon Pureun Mutual Savings is expected to under-perform the HB Technology. But the stock apears to be less risky and, when comparing its historical volatility, Pureun Mutual Savings is 2.14 times less risky than HB Technology. The stock trades about -0.33 of its potential returns per unit of risk. The HB Technology TD is currently generating about 0.35 of returns per unit of risk over similar time horizon. If you would invest 194,200 in HB Technology TD on October 17, 2024 and sell it today you would earn a total of 53,300 from holding HB Technology TD or generate 27.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pureun Mutual Savings vs. HB Technology TD
Performance |
| Timeline |
| Pureun Mutual Savings |
| HB Technology TD |
Pureun Mutual and HB Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pureun Mutual and HB Technology
The main advantage of trading using opposite Pureun Mutual and HB Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pureun Mutual position performs unexpectedly, HB Technology 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 HB Technology will offset losses from the drop in HB Technology's long position.| Pureun Mutual vs. Industrial Bank | Pureun Mutual vs. Dgb Financial | Pureun Mutual vs. Woori Financial Group | Pureun Mutual vs. Daechang Steel Co |
| HB Technology vs. Leaders Technology Investment | HB Technology vs. Hwasung Industrial Co | HB Technology vs. Pureun Mutual Savings | HB Technology vs. Nh Investment And |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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