Correlation Between Aprogen Healthcare and Yura Tech
Can any of the company-specific risk be diversified away by investing in both Aprogen Healthcare and Yura Tech 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 Yura Tech 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 Yura Tech Co, you can compare the effects of market volatilities on Aprogen Healthcare and Yura Tech 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 Yura Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aprogen Healthcare and Yura Tech.
Diversification Opportunities for Aprogen Healthcare and Yura Tech
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Aprogen and Yura is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Aprogen Healthcare Games and Yura Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yura Tech 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 Yura Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yura Tech has no effect on the direction of Aprogen Healthcare i.e., Aprogen Healthcare and Yura Tech go up and down completely randomly.
Pair Corralation between Aprogen Healthcare and Yura Tech
Assuming the 90 days trading horizon Aprogen Healthcare Games is expected to under-perform the Yura Tech. In addition to that, Aprogen Healthcare is 1.25 times more volatile than Yura Tech Co. It trades about -0.08 of its total potential returns per unit of risk. Yura Tech Co is currently generating about 0.07 per unit of volatility. If you would invest 822,000 in Yura Tech Co on November 4, 2024 and sell it today you would earn a total of 15,000 from holding Yura Tech Co or generate 1.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aprogen Healthcare Games vs. Yura Tech Co
Performance |
| Timeline |
| Aprogen Healthcare Games |
| Yura Tech |
Aprogen Healthcare and Yura Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aprogen Healthcare and Yura Tech
The main advantage of trading using opposite Aprogen Healthcare and Yura Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aprogen Healthcare position performs unexpectedly, Yura Tech 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 Yura Tech will offset losses from the drop in Yura Tech's long position.| Aprogen Healthcare vs. Puloon Technology | Aprogen Healthcare vs. RF Materials Co | Aprogen Healthcare vs. Kolon Plastics | Aprogen Healthcare vs. PH Tech Co |
| Yura Tech vs. Daeduck Electronics Co | Yura Tech vs. ABOV Semiconductor Co | Yura Tech vs. ABCO Electronics Co | Yura Tech vs. SungMoon Electronics Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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