Correlation Between Aprogen Healthcare and STCube
Can any of the company-specific risk be diversified away by investing in both Aprogen Healthcare and STCube 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 STCube 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 STCube Inc, you can compare the effects of market volatilities on Aprogen Healthcare and STCube 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 STCube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aprogen Healthcare and STCube.
Diversification Opportunities for Aprogen Healthcare and STCube
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Aprogen and STCube is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Aprogen Healthcare Games and STCube Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STCube Inc 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 STCube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STCube Inc has no effect on the direction of Aprogen Healthcare i.e., Aprogen Healthcare and STCube go up and down completely randomly.
Pair Corralation between Aprogen Healthcare and STCube
Assuming the 90 days trading horizon Aprogen Healthcare Games is expected to under-perform the STCube. But the stock apears to be less risky and, when comparing its historical volatility, Aprogen Healthcare Games is 1.14 times less risky than STCube. The stock trades about -0.04 of its potential returns per unit of risk. The STCube Inc is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,160,045 in STCube Inc on September 14, 2024 and sell it today you would lose (583,045) from holding STCube Inc or give up 50.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.89% |
| Values | Daily Returns |
Aprogen Healthcare Games vs. STCube Inc
Performance |
| Timeline |
| Aprogen Healthcare Games |
| STCube Inc |
Aprogen Healthcare and STCube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aprogen Healthcare and STCube
The main advantage of trading using opposite Aprogen Healthcare and STCube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aprogen Healthcare position performs unexpectedly, STCube 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 STCube will offset losses from the drop in STCube's long position.| Aprogen Healthcare vs. Cube Entertainment | Aprogen Healthcare vs. Dreamus Company | Aprogen Healthcare vs. LG Energy Solution | Aprogen Healthcare vs. Dongwon System |
| STCube vs. Sangsangin Investment Securities | STCube vs. Aprogen Healthcare Games | STCube vs. SS TECH | STCube vs. Lion Chemtech 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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