Correlation Between INFINITT Healthcare and CS BEARING
Can any of the company-specific risk be diversified away by investing in both INFINITT Healthcare and CS BEARING 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 INFINITT Healthcare and CS BEARING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between INFINITT Healthcare Co and CS BEARING CoLtd, you can compare the effects of market volatilities on INFINITT Healthcare and CS BEARING 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 INFINITT Healthcare with a short position of CS BEARING. Check out your portfolio center. Please also check ongoing floating volatility patterns of INFINITT Healthcare and CS BEARING.
Diversification Opportunities for INFINITT Healthcare and CS BEARING
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between INFINITT and 297090 is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding INFINITT Healthcare Co and CS BEARING CoLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CS BEARING CoLtd and INFINITT Healthcare 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 INFINITT Healthcare Co are associated (or correlated) with CS BEARING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CS BEARING CoLtd has no effect on the direction of INFINITT Healthcare i.e., INFINITT Healthcare and CS BEARING go up and down completely randomly.
Pair Corralation between INFINITT Healthcare and CS BEARING
Assuming the 90 days trading horizon INFINITT Healthcare Co is expected to generate 0.59 times more return on investment than CS BEARING. However, INFINITT Healthcare Co is 1.7 times less risky than CS BEARING. It trades about 0.0 of its potential returns per unit of risk. CS BEARING CoLtd is currently generating about -0.4 per unit of risk. If you would invest 434,000 in INFINITT Healthcare Co on September 4, 2024 and sell it today you would lose (1,000.00) from holding INFINITT Healthcare Co or give up 0.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INFINITT Healthcare Co vs. CS BEARING CoLtd
Performance |
| Timeline |
| INFINITT Healthcare |
| CS BEARING CoLtd |
INFINITT Healthcare and CS BEARING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INFINITT Healthcare and CS BEARING
The main advantage of trading using opposite INFINITT Healthcare and CS BEARING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INFINITT Healthcare position performs unexpectedly, CS BEARING 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 CS BEARING will offset losses from the drop in CS BEARING's long position.| INFINITT Healthcare vs. AptaBio Therapeutics | INFINITT Healthcare vs. KT Hitel | INFINITT Healthcare vs. SillaJen | INFINITT Healthcare vs. Cytogen |
| CS BEARING vs. Dongbang Transport Logistics | CS BEARING vs. PJ Metal Co | CS BEARING vs. Daiyang Metal Co | CS BEARING vs. Daejoo Electronic Materials |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |