Correlation Between Aprogen Healthcare and LIG ES
Can any of the company-specific risk be diversified away by investing in both Aprogen Healthcare and LIG ES 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 LIG ES 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 LIG ES SPAC, you can compare the effects of market volatilities on Aprogen Healthcare and LIG ES 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 LIG ES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aprogen Healthcare and LIG ES.
Diversification Opportunities for Aprogen Healthcare and LIG ES
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Aprogen and LIG is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Aprogen Healthcare Games and LIG ES SPAC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LIG ES SPAC 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 LIG ES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LIG ES SPAC has no effect on the direction of Aprogen Healthcare i.e., Aprogen Healthcare and LIG ES go up and down completely randomly.
Pair Corralation between Aprogen Healthcare and LIG ES
Assuming the 90 days trading horizon Aprogen Healthcare Games is expected to generate 0.77 times more return on investment than LIG ES. However, Aprogen Healthcare Games is 1.29 times less risky than LIG ES. It trades about -0.28 of its potential returns per unit of risk. LIG ES SPAC is currently generating about -0.25 per unit of risk. If you would invest 51,400 in Aprogen Healthcare Games on November 7, 2024 and sell it today you would lose (6,400) from holding Aprogen Healthcare Games or give up 12.45% 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. LIG ES SPAC
Performance |
| Timeline |
| Aprogen Healthcare Games |
| LIG ES SPAC |
Aprogen Healthcare and LIG ES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aprogen Healthcare and LIG ES
The main advantage of trading using opposite Aprogen Healthcare and LIG ES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aprogen Healthcare position performs unexpectedly, LIG ES 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 LIG ES will offset losses from the drop in LIG ES's long position.| Aprogen Healthcare vs. LAKE MATERIALS LTD | Aprogen Healthcare vs. Hyundai Engineering Plastics | Aprogen Healthcare vs. Duksan Hi Metal | Aprogen Healthcare vs. PI Advanced Materials |
| LIG ES vs. LG Chem | LIG ES vs. Chunbo Co | LIG ES vs. DukSan Neolux CoLtd | LIG ES vs. Hyosung Chemical 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Stocks Directory Find actively traded stocks across global markets | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |