Correlation Between Samsung Publishing and ASTORY CoLtd
Can any of the company-specific risk be diversified away by investing in both Samsung Publishing and ASTORY CoLtd 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 Samsung Publishing and ASTORY CoLtd into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Samsung Publishing Co and ASTORY CoLtd, you can compare the effects of market volatilities on Samsung Publishing and ASTORY CoLtd 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 Samsung Publishing with a short position of ASTORY CoLtd. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samsung Publishing and ASTORY CoLtd.
Diversification Opportunities for Samsung Publishing and ASTORY CoLtd
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Samsung and ASTORY is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Samsung Publishing Co and ASTORY CoLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTORY CoLtd and Samsung Publishing 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 Samsung Publishing Co are associated (or correlated) with ASTORY CoLtd. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTORY CoLtd has no effect on the direction of Samsung Publishing i.e., Samsung Publishing and ASTORY CoLtd go up and down completely randomly.
Pair Corralation between Samsung Publishing and ASTORY CoLtd
Assuming the 90 days trading horizon Samsung Publishing Co is expected to generate 0.44 times more return on investment than ASTORY CoLtd. However, Samsung Publishing Co is 2.25 times less risky than ASTORY CoLtd. It trades about -0.08 of its potential returns per unit of risk. ASTORY CoLtd is currently generating about -0.28 per unit of risk. If you would invest 1,537,000 in Samsung Publishing Co on November 5, 2024 and sell it today you would lose (28,000) from holding Samsung Publishing Co or give up 1.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Samsung Publishing Co vs. ASTORY CoLtd
Performance |
| Timeline |
| Samsung Publishing |
| ASTORY CoLtd |
Samsung Publishing and ASTORY CoLtd Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Samsung Publishing and ASTORY CoLtd
The main advantage of trading using opposite Samsung Publishing and ASTORY CoLtd positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samsung Publishing position performs unexpectedly, ASTORY CoLtd 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 ASTORY CoLtd will offset losses from the drop in ASTORY CoLtd's long position.| Samsung Publishing vs. ADTechnology CoLtd | Samsung Publishing vs. Narae Nanotech Corp | Samsung Publishing vs. PH Tech Co | Samsung Publishing vs. Puloon Technology |
| ASTORY CoLtd vs. JYP Entertainment Corp | ASTORY CoLtd vs. MediaZen | ASTORY CoLtd vs. Automobile Pc | ASTORY CoLtd vs. Shinhan Inverse Copper |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |