Correlation Between KOSES CoLtd and SK Hynix
Can any of the company-specific risk be diversified away by investing in both KOSES CoLtd and SK Hynix 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 KOSES CoLtd and SK Hynix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KOSES CoLtd and SK Hynix, you can compare the effects of market volatilities on KOSES CoLtd and SK Hynix 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 KOSES CoLtd with a short position of SK Hynix. Check out your portfolio center. Please also check ongoing floating volatility patterns of KOSES CoLtd and SK Hynix.
Diversification Opportunities for KOSES CoLtd and SK Hynix
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between KOSES and 000660 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding KOSES CoLtd and SK Hynix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SK Hynix and KOSES CoLtd 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 KOSES CoLtd are associated (or correlated) with SK Hynix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SK Hynix has no effect on the direction of KOSES CoLtd i.e., KOSES CoLtd and SK Hynix go up and down completely randomly.
Pair Corralation between KOSES CoLtd and SK Hynix
If you would invest 0.00 in KOSES CoLtd on September 12, 2024 and sell it today you would earn a total of 0.00 from holding KOSES CoLtd or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 2.38% |
| Values | Daily Returns |
KOSES CoLtd vs. SK Hynix
Performance |
| Timeline |
| KOSES CoLtd |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| SK Hynix |
KOSES CoLtd and SK Hynix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KOSES CoLtd and SK Hynix
The main advantage of trading using opposite KOSES CoLtd and SK Hynix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KOSES CoLtd position performs unexpectedly, SK Hynix 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 SK Hynix will offset losses from the drop in SK Hynix's long position.| KOSES CoLtd vs. Hyunwoo Industrial Co | KOSES CoLtd vs. Adaptive Plasma Technology | KOSES CoLtd vs. AeroSpace Technology of | KOSES CoLtd vs. Cots Technology Co |
| SK Hynix vs. Cube Entertainment | SK Hynix vs. Dreamus Company | SK Hynix vs. LG Energy Solution | SK Hynix vs. Dongwon System |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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