Correlation Between AnterogenCoLtd and Samhyun
Can any of the company-specific risk be diversified away by investing in both AnterogenCoLtd and Samhyun 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 AnterogenCoLtd and Samhyun into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AnterogenCoLtd and Samhyun, you can compare the effects of market volatilities on AnterogenCoLtd and Samhyun 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 AnterogenCoLtd with a short position of Samhyun. Check out your portfolio center. Please also check ongoing floating volatility patterns of AnterogenCoLtd and Samhyun.
Diversification Opportunities for AnterogenCoLtd and Samhyun
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AnterogenCoLtd and Samhyun is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding AnterogenCoLtd and Samhyun in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Samhyun and AnterogenCoLtd 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 AnterogenCoLtd are associated (or correlated) with Samhyun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Samhyun has no effect on the direction of AnterogenCoLtd i.e., AnterogenCoLtd and Samhyun go up and down completely randomly.
Pair Corralation between AnterogenCoLtd and Samhyun
Assuming the 90 days trading horizon AnterogenCoLtd is expected to generate 0.53 times more return on investment than Samhyun. However, AnterogenCoLtd is 1.9 times less risky than Samhyun. It trades about 0.13 of its potential returns per unit of risk. Samhyun is currently generating about -0.02 per unit of risk. If you would invest 1,489,000 in AnterogenCoLtd on September 27, 2024 and sell it today you would earn a total of 340,000 from holding AnterogenCoLtd or generate 22.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AnterogenCoLtd vs. Samhyun
Performance |
| Timeline |
| AnterogenCoLtd |
| Samhyun |
AnterogenCoLtd and Samhyun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AnterogenCoLtd and Samhyun
The main advantage of trading using opposite AnterogenCoLtd and Samhyun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AnterogenCoLtd position performs unexpectedly, Samhyun 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 Samhyun will offset losses from the drop in Samhyun's long position.| AnterogenCoLtd vs. Kolon Life Science | AnterogenCoLtd vs. JETEMA Co | AnterogenCoLtd vs. Aminologics CoLtd | AnterogenCoLtd vs. HLB Pharmaceutical Co |
| Samhyun vs. Samsung Electronics Co | Samhyun vs. Samsung Electronics Co | Samhyun vs. LG Energy Solution | Samhyun vs. SK Hynix |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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