Correlation Between Aprogen Healthcare and Mobase Electronics
Can any of the company-specific risk be diversified away by investing in both Aprogen Healthcare and Mobase Electronics 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 Mobase Electronics 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 Mobase Electronics CoLtd, you can compare the effects of market volatilities on Aprogen Healthcare and Mobase Electronics 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 Mobase Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aprogen Healthcare and Mobase Electronics.
Diversification Opportunities for Aprogen Healthcare and Mobase Electronics
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Aprogen and Mobase is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Aprogen Healthcare Games and Mobase Electronics CoLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mobase Electronics CoLtd 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 Mobase Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mobase Electronics CoLtd has no effect on the direction of Aprogen Healthcare i.e., Aprogen Healthcare and Mobase Electronics go up and down completely randomly.
Pair Corralation between Aprogen Healthcare and Mobase Electronics
Assuming the 90 days trading horizon Aprogen Healthcare Games is expected to under-perform the Mobase Electronics. In addition to that, Aprogen Healthcare is 1.71 times more volatile than Mobase Electronics CoLtd. It trades about -0.03 of its total potential returns per unit of risk. Mobase Electronics CoLtd is currently generating about -0.03 per unit of volatility. If you would invest 183,708 in Mobase Electronics CoLtd on October 25, 2024 and sell it today you would lose (39,008) from holding Mobase Electronics CoLtd or give up 21.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aprogen Healthcare Games vs. Mobase Electronics CoLtd
Performance |
| Timeline |
| Aprogen Healthcare Games |
| Mobase Electronics CoLtd |
Aprogen Healthcare and Mobase Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aprogen Healthcare and Mobase Electronics
The main advantage of trading using opposite Aprogen Healthcare and Mobase Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aprogen Healthcare position performs unexpectedly, Mobase Electronics 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 Mobase Electronics will offset losses from the drop in Mobase Electronics' long position.| Aprogen Healthcare vs. Samsung Electronics Co | Aprogen Healthcare vs. Samsung Electronics Co | Aprogen Healthcare vs. SK Hynix | Aprogen Healthcare vs. HMM Co |
| Mobase Electronics vs. Yura Tech Co | Mobase Electronics vs. SAMG Entertainment Co | Mobase Electronics vs. JYP Entertainment Corp | Mobase Electronics vs. Aprogen Healthcare Games |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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