Correlation Between Green Cross and Sangsangin Investment
Can any of the company-specific risk be diversified away by investing in both Green Cross and Sangsangin Investment 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 Green Cross and Sangsangin Investment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Green Cross Medical and Sangsangin Investment Securities, you can compare the effects of market volatilities on Green Cross and Sangsangin Investment 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 Green Cross with a short position of Sangsangin Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Green Cross and Sangsangin Investment.
Diversification Opportunities for Green Cross and Sangsangin Investment
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Green and Sangsangin is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Green Cross Medical and Sangsangin Investment Securiti in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sangsangin Investment and Green Cross 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 Green Cross Medical are associated (or correlated) with Sangsangin Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sangsangin Investment has no effect on the direction of Green Cross i.e., Green Cross and Sangsangin Investment go up and down completely randomly.
Pair Corralation between Green Cross and Sangsangin Investment
Assuming the 90 days trading horizon Green Cross Medical is expected to under-perform the Sangsangin Investment. In addition to that, Green Cross is 1.51 times more volatile than Sangsangin Investment Securities. It trades about -0.27 of its total potential returns per unit of risk. Sangsangin Investment Securities is currently generating about -0.07 per unit of volatility. If you would invest 44,600 in Sangsangin Investment Securities on September 1, 2024 and sell it today you would lose (1,000.00) from holding Sangsangin Investment Securities or give up 2.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Green Cross Medical vs. Sangsangin Investment Securiti
Performance |
| Timeline |
| Green Cross Medical |
| Sangsangin Investment |
Green Cross and Sangsangin Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Green Cross and Sangsangin Investment
The main advantage of trading using opposite Green Cross and Sangsangin Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Green Cross position performs unexpectedly, Sangsangin Investment 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 Sangsangin Investment will offset losses from the drop in Sangsangin Investment's long position.| Green Cross vs. AptaBio Therapeutics | Green Cross vs. KT Hitel | Green Cross vs. SillaJen | Green Cross vs. Cytogen |
| Sangsangin Investment vs. Samsung Electronics Co | Sangsangin Investment vs. Samsung Electronics Co | Sangsangin Investment vs. KB Financial Group | Sangsangin Investment vs. Shinhan Financial Group |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |