Correlation Between Youngbo Chemical and Kosdaq Composite
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By analyzing existing cross correlation between Youngbo Chemical Co and Kosdaq Composite Index, you can compare the effects of market volatilities on Youngbo Chemical and Kosdaq Composite 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 Youngbo Chemical with a short position of Kosdaq Composite. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngbo Chemical and Kosdaq Composite.
Diversification Opportunities for Youngbo Chemical and Kosdaq Composite
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Youngbo and Kosdaq is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Youngbo Chemical Co and Kosdaq Composite Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kosdaq Composite Index and Youngbo Chemical 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 Youngbo Chemical Co are associated (or correlated) with Kosdaq Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kosdaq Composite Index has no effect on the direction of Youngbo Chemical i.e., Youngbo Chemical and Kosdaq Composite go up and down completely randomly.
Pair Corralation between Youngbo Chemical and Kosdaq Composite
Assuming the 90 days trading horizon Youngbo Chemical Co is expected to generate 0.97 times more return on investment than Kosdaq Composite. However, Youngbo Chemical Co is 1.03 times less risky than Kosdaq Composite. It trades about 0.01 of its potential returns per unit of risk. Kosdaq Composite Index is currently generating about 0.0 per unit of risk. If you would invest 351,535 in Youngbo Chemical Co on October 12, 2024 and sell it today you would earn a total of 16,465 from holding Youngbo Chemical Co or generate 4.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngbo Chemical Co vs. Kosdaq Composite Index
Performance |
| Timeline |
Youngbo Chemical and Kosdaq Composite Volatility Contrast
Predicted Return Density |
| Returns |
Youngbo Chemical Co
Pair trading matchups for Youngbo Chemical
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Pair Trading with Youngbo Chemical and Kosdaq Composite
The main advantage of trading using opposite Youngbo Chemical and Kosdaq Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngbo Chemical position performs unexpectedly, Kosdaq Composite 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 Kosdaq Composite will offset losses from the drop in Kosdaq Composite's long position.| Youngbo Chemical vs. Youngsin Metal Industrial | Youngbo Chemical vs. Dongbang Transport Logistics | Youngbo Chemical vs. Formetal Co | Youngbo Chemical vs. Kbi Metal Co |
| Kosdaq Composite vs. Kukdong Oil Chemicals | Kosdaq Composite vs. Amogreentech Co | Kosdaq Composite vs. V One Tech Co | Kosdaq Composite vs. Youngbo Chemical 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 CEOs Directory module to screen CEOs from public companies around the world.
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