Correlation Between Nice Information and Kosdaq Composite
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nice Information Telecommunication and Kosdaq Composite Index, you can compare the effects of market volatilities on Nice Information 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 Nice Information with a short position of Kosdaq Composite. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nice Information and Kosdaq Composite.
Diversification Opportunities for Nice Information and Kosdaq Composite
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Nice and Kosdaq is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Nice Information Telecommunica 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 Nice Information 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 Nice Information Telecommunication 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 Nice Information i.e., Nice Information and Kosdaq Composite go up and down completely randomly.
Pair Corralation between Nice Information and Kosdaq Composite
Assuming the 90 days trading horizon Nice Information Telecommunication is expected to generate 0.93 times more return on investment than Kosdaq Composite. However, Nice Information Telecommunication is 1.08 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 -0.03 per unit of risk. If you would invest 2,012,413 in Nice Information Telecommunication on September 14, 2024 and sell it today you would lose (137,413) from holding Nice Information Telecommunication or give up 6.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nice Information Telecommunica vs. Kosdaq Composite Index
Performance |
| Timeline |
Nice Information and Kosdaq Composite Volatility Contrast
Predicted Return Density |
| Returns |
Nice Information Telecommunication
Pair trading matchups for Nice Information
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Pair Trading with Nice Information and Kosdaq Composite
The main advantage of trading using opposite Nice Information and Kosdaq Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nice Information 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.| Nice Information vs. Cube Entertainment | Nice Information vs. Dreamus Company | Nice Information vs. LG Energy Solution | Nice Information vs. Dongwon System |
| Kosdaq Composite vs. Nice Information Telecommunication | Kosdaq Composite vs. Seoul Electronics Telecom | Kosdaq Composite vs. Korea Information Communications | Kosdaq Composite vs. Mobile Appliance |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |