Correlation Between SPG and Jinro Distillers
Can any of the company-specific risk be diversified away by investing in both SPG and Jinro Distillers 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 SPG and Jinro Distillers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPG Co and Jinro Distillers Co, you can compare the effects of market volatilities on SPG and Jinro Distillers 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 SPG with a short position of Jinro Distillers. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPG and Jinro Distillers.
Diversification Opportunities for SPG and Jinro Distillers
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPG and Jinro is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SPG Co and Jinro Distillers Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinro Distillers and SPG 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 SPG Co are associated (or correlated) with Jinro Distillers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinro Distillers has no effect on the direction of SPG i.e., SPG and Jinro Distillers go up and down completely randomly.
Pair Corralation between SPG and Jinro Distillers
If you would invest (100.00) in SPG Co on August 30, 2024 and sell it today you would earn a total of 100.00 from holding SPG Co or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SPG Co vs. Jinro Distillers Co
Performance |
| Timeline |
| SPG Co |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jinro Distillers |
SPG and Jinro Distillers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPG and Jinro Distillers
The main advantage of trading using opposite SPG and Jinro Distillers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPG position performs unexpectedly, Jinro Distillers 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 Jinro Distillers will offset losses from the drop in Jinro Distillers' long position.| SPG vs. ZUM Internet Corp | SPG vs. Lindeman Asia Investment | SPG vs. Woori Technology Investment | SPG vs. DB Financial Investment |
| Jinro Distillers vs. Samsung Electronics Co | Jinro Distillers vs. Samsung Electronics Co | Jinro Distillers vs. Hyundai Motor Co | Jinro Distillers vs. Hyundai Motor |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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