Correlation Between Aprogen Healthcare and Sam Yang
Can any of the company-specific risk be diversified away by investing in both Aprogen Healthcare and Sam Yang 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 Aprogen Healthcare and Sam Yang into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aprogen Healthcare Games and Sam Yang Foods, you can compare the effects of market volatilities on Aprogen Healthcare and Sam Yang 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 Aprogen Healthcare with a short position of Sam Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aprogen Healthcare and Sam Yang.
Diversification Opportunities for Aprogen Healthcare and Sam Yang
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Aprogen and Sam is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Aprogen Healthcare Games and Sam Yang Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sam Yang Foods and Aprogen 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 Aprogen Healthcare Games are associated (or correlated) with Sam Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sam Yang Foods has no effect on the direction of Aprogen Healthcare i.e., Aprogen Healthcare and Sam Yang go up and down completely randomly.
Pair Corralation between Aprogen Healthcare and Sam Yang
Assuming the 90 days trading horizon Aprogen Healthcare Games is expected to under-perform the Sam Yang. In addition to that, Aprogen Healthcare is 1.26 times more volatile than Sam Yang Foods. It trades about -0.12 of its total potential returns per unit of risk. Sam Yang Foods is currently generating about 0.01 per unit of volatility. If you would invest 52,000,000 in Sam Yang Foods on September 1, 2024 and sell it today you would lose (100,000) from holding Sam Yang Foods or give up 0.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aprogen Healthcare Games vs. Sam Yang Foods
Performance |
| Timeline |
| Aprogen Healthcare Games |
| Sam Yang Foods |
Aprogen Healthcare and Sam Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aprogen Healthcare and Sam Yang
The main advantage of trading using opposite Aprogen Healthcare and Sam Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aprogen Healthcare position performs unexpectedly, Sam Yang 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 Sam Yang will offset losses from the drop in Sam Yang's long position.| Aprogen Healthcare vs. Dongsin Engineering Construction | Aprogen Healthcare vs. Doosan Fuel Cell | Aprogen Healthcare vs. Daishin Balance 1 | Aprogen Healthcare vs. Total Soft Bank |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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