Correlation Between Aprogen Healthcare and Daelim Trading
Can any of the company-specific risk be diversified away by investing in both Aprogen Healthcare and Daelim Trading 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 Daelim Trading 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 Daelim Trading Co, you can compare the effects of market volatilities on Aprogen Healthcare and Daelim Trading 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 Daelim Trading. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aprogen Healthcare and Daelim Trading.
Diversification Opportunities for Aprogen Healthcare and Daelim Trading
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Aprogen and Daelim is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Aprogen Healthcare Games and Daelim Trading Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Daelim Trading 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 Daelim Trading. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Daelim Trading has no effect on the direction of Aprogen Healthcare i.e., Aprogen Healthcare and Daelim Trading go up and down completely randomly.
Pair Corralation between Aprogen Healthcare and Daelim Trading
Assuming the 90 days trading horizon Aprogen Healthcare Games is expected to under-perform the Daelim Trading. In addition to that, Aprogen Healthcare is 2.08 times more volatile than Daelim Trading Co. It trades about -0.03 of its total potential returns per unit of risk. Daelim Trading Co is currently generating about -0.03 per unit of volatility. If you would invest 387,024 in Daelim Trading Co on October 18, 2024 and sell it today you would lose (124,524) from holding Daelim Trading Co or give up 32.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.1% |
| Values | Daily Returns |
Aprogen Healthcare Games vs. Daelim Trading Co
Performance |
| Timeline |
| Aprogen Healthcare Games |
| Daelim Trading |
Aprogen Healthcare and Daelim Trading Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aprogen Healthcare and Daelim Trading
The main advantage of trading using opposite Aprogen Healthcare and Daelim Trading positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aprogen Healthcare position performs unexpectedly, Daelim Trading 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 Daelim Trading will offset losses from the drop in Daelim Trading's long position.| Aprogen Healthcare vs. ENF Technology Co | Aprogen Healthcare vs. AeroSpace Technology of | Aprogen Healthcare vs. KTB Investment Securities | Aprogen Healthcare vs. Nh Investment And |
| Daelim Trading vs. Mgame Corp | Daelim Trading vs. BIT Computer Co | Daelim Trading vs. Aprogen Healthcare Games | Daelim Trading vs. Netmarble Games Corp |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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