Correlation Between Chorokbaem Healthcare and SAMG Entertainment
Can any of the company-specific risk be diversified away by investing in both Chorokbaem Healthcare and SAMG Entertainment 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 Chorokbaem Healthcare and SAMG Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Chorokbaem Healthcare Co and SAMG Entertainment Co, you can compare the effects of market volatilities on Chorokbaem Healthcare and SAMG Entertainment 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 Chorokbaem Healthcare with a short position of SAMG Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chorokbaem Healthcare and SAMG Entertainment.
Diversification Opportunities for Chorokbaem Healthcare and SAMG Entertainment
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Chorokbaem and SAMG is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Chorokbaem Healthcare Co and SAMG Entertainment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAMG Entertainment and Chorokbaem 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 Chorokbaem Healthcare Co are associated (or correlated) with SAMG Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAMG Entertainment has no effect on the direction of Chorokbaem Healthcare i.e., Chorokbaem Healthcare and SAMG Entertainment go up and down completely randomly.
Pair Corralation between Chorokbaem Healthcare and SAMG Entertainment
Assuming the 90 days trading horizon Chorokbaem Healthcare Co is expected to generate 0.81 times more return on investment than SAMG Entertainment. However, Chorokbaem Healthcare Co is 1.24 times less risky than SAMG Entertainment. It trades about -0.02 of its potential returns per unit of risk. SAMG Entertainment Co is currently generating about -0.04 per unit of risk. If you would invest 57,000 in Chorokbaem Healthcare Co on October 27, 2024 and sell it today you would lose (25,600) from holding Chorokbaem Healthcare Co or give up 44.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chorokbaem Healthcare Co vs. SAMG Entertainment Co
Performance |
| Timeline |
| Chorokbaem Healthcare |
| SAMG Entertainment |
Chorokbaem Healthcare and SAMG Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chorokbaem Healthcare and SAMG Entertainment
The main advantage of trading using opposite Chorokbaem Healthcare and SAMG Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chorokbaem Healthcare position performs unexpectedly, SAMG Entertainment 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 SAMG Entertainment will offset losses from the drop in SAMG Entertainment's long position.| Chorokbaem Healthcare vs. Organic Special Pet | Chorokbaem Healthcare vs. Aprogen Healthcare Games | Chorokbaem Healthcare vs. Hyundai Green Food | Chorokbaem Healthcare vs. INFINITT Healthcare Co |
| SAMG Entertainment vs. SK Telecom Co | SAMG Entertainment vs. Daishin Information Communications | SAMG Entertainment vs. Daejung Chemicals Metals | SAMG Entertainment vs. Hanwha 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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