Correlation Between E Investment and Hana Technology
Can any of the company-specific risk be diversified away by investing in both E Investment and Hana Technology 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 E Investment and Hana Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between E Investment Development and Hana Technology Co, you can compare the effects of market volatilities on E Investment and Hana Technology 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 E Investment with a short position of Hana Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of E Investment and Hana Technology.
Diversification Opportunities for E Investment and Hana Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 093230 and Hana is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding E Investment Development and Hana Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hana Technology and E Investment 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 E Investment Development are associated (or correlated) with Hana Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hana Technology has no effect on the direction of E Investment i.e., E Investment and Hana Technology go up and down completely randomly.
Pair Corralation between E Investment and Hana Technology
If you would invest 1,899,000 in Hana Technology Co on October 20, 2024 and sell it today you would earn a total of 361,000 from holding Hana Technology Co or generate 19.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
E Investment Development vs. Hana Technology Co
Performance |
| Timeline |
| E Investment Development |
| Hana Technology |
E Investment and Hana Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with E Investment and Hana Technology
The main advantage of trading using opposite E Investment and Hana Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if E Investment position performs unexpectedly, Hana Technology 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 Hana Technology will offset losses from the drop in Hana Technology's long position.| E Investment vs. Nable Communications | E Investment vs. Daejung Chemicals Metals | E Investment vs. CG Hi Tech | E Investment vs. Taegu Broadcasting |
| Hana Technology vs. E Investment Development | Hana Technology vs. Woori Technology Investment | Hana Technology vs. KTB Investment Securities | Hana Technology vs. SV Investment |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |