Correlation Between Atinum Investment and PH Tech
Can any of the company-specific risk be diversified away by investing in both Atinum Investment and PH 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 Atinum Investment and PH Tech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atinum Investment Co and PH Tech Co, you can compare the effects of market volatilities on Atinum Investment and PH 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 Atinum Investment with a short position of PH Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atinum Investment and PH Tech.
Diversification Opportunities for Atinum Investment and PH Tech
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Atinum and 239890 is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Atinum Investment Co and PH Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PH Tech and Atinum Investment 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 Atinum Investment Co are associated (or correlated) with PH Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PH Tech has no effect on the direction of Atinum Investment i.e., Atinum Investment and PH Tech go up and down completely randomly.
Pair Corralation between Atinum Investment and PH Tech
Assuming the 90 days trading horizon Atinum Investment is expected to generate 37.18 times less return on investment than PH Tech. But when comparing it to its historical volatility, Atinum Investment Co is 1.81 times less risky than PH Tech. It trades about 0.01 of its potential returns per unit of risk. PH Tech Co is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 730,000 in PH Tech Co on October 17, 2024 and sell it today you would earn a total of 111,000 from holding PH Tech Co or generate 15.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Atinum Investment Co vs. PH Tech Co
Performance |
| Timeline |
| Atinum Investment |
| PH Tech |
Atinum Investment and PH Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atinum Investment and PH Tech
The main advantage of trading using opposite Atinum Investment and PH Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atinum Investment position performs unexpectedly, PH 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 PH Tech will offset losses from the drop in PH Tech's long position.| Atinum Investment vs. BNK Financial Group | Atinum Investment vs. Dgb Financial | Atinum Investment vs. Koryo Credit Information | Atinum Investment vs. Display Tech Co |
| PH Tech vs. Samyoung Electronics Co | PH Tech vs. DB Financial Investment | PH Tech vs. Atinum Investment Co | PH Tech vs. SungMoon Electronics 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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |