Correlation Between Playgram and Yura Tech
Can any of the company-specific risk be diversified away by investing in both Playgram and Yura Tech 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 Playgram and Yura Tech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Playgram Co and Yura Tech Co, you can compare the effects of market volatilities on Playgram and Yura Tech 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 Playgram with a short position of Yura Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Playgram and Yura Tech.
Diversification Opportunities for Playgram and Yura Tech
Good diversification
The 3 months correlation between Playgram and Yura is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Playgram Co and Yura Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yura Tech and Playgram 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 Playgram Co are associated (or correlated) with Yura Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yura Tech has no effect on the direction of Playgram i.e., Playgram and Yura Tech go up and down completely randomly.
Pair Corralation between Playgram and Yura Tech
Assuming the 90 days trading horizon Playgram Co is expected to generate 2.44 times more return on investment than Yura Tech. However, Playgram is 2.44 times more volatile than Yura Tech Co. It trades about 0.06 of its potential returns per unit of risk. Yura Tech Co is currently generating about 0.07 per unit of risk. If you would invest 33,700 in Playgram Co on September 13, 2024 and sell it today you would earn a total of 2,600 from holding Playgram Co or generate 7.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Playgram Co vs. Yura Tech Co
Performance |
| Timeline |
| Playgram |
| Yura Tech |
Playgram and Yura Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Playgram and Yura Tech
The main advantage of trading using opposite Playgram and Yura Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Playgram position performs unexpectedly, Yura Tech 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 Yura Tech will offset losses from the drop in Yura Tech's long position.| Playgram vs. LG Chemicals | Playgram vs. POSCO Holdings | Playgram vs. Hanwha Solutions | Playgram vs. Lotte Chemical Corp |
| Yura Tech vs. Daou Data Corp | Yura Tech vs. Solution Advanced Technology | Yura Tech vs. Busan Industrial Co | Yura Tech vs. Busan Ind |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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