Correlation Between Atinum Investment and Access Bio
Can any of the company-specific risk be diversified away by investing in both Atinum Investment and Access Bio 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 Access Bio 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 Access Bio, you can compare the effects of market volatilities on Atinum Investment and Access Bio 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 Access Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atinum Investment and Access Bio.
Diversification Opportunities for Atinum Investment and Access Bio
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Atinum and Access is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Atinum Investment Co and Access Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Access Bio 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 Access Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Access Bio has no effect on the direction of Atinum Investment i.e., Atinum Investment and Access Bio go up and down completely randomly.
Pair Corralation between Atinum Investment and Access Bio
Assuming the 90 days trading horizon Atinum Investment Co is expected to generate 0.72 times more return on investment than Access Bio. However, Atinum Investment Co is 1.38 times less risky than Access Bio. It trades about 0.01 of its potential returns per unit of risk. Access Bio is currently generating about -0.02 per unit of risk. If you would invest 246,147 in Atinum Investment Co on August 25, 2024 and sell it today you would lose (8,147) from holding Atinum Investment Co or give up 3.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.62% |
| Values | Daily Returns |
Atinum Investment Co vs. Access Bio
Performance |
| Timeline |
| Atinum Investment |
| Access Bio |
Atinum Investment and Access Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atinum Investment and Access Bio
The main advantage of trading using opposite Atinum Investment and Access Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atinum Investment position performs unexpectedly, Access Bio 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 Access Bio will offset losses from the drop in Access Bio's long position.| Atinum Investment vs. Korea New Network | Atinum Investment vs. Dong A Eltek | Atinum Investment vs. Dreamus Company | Atinum Investment vs. SK Bioscience Co |
| Access Bio vs. Lotte Data Communication | Access Bio vs. Sejong Telecom | Access Bio vs. SV Investment | Access Bio vs. Atinum Investment 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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