Correlation Between Cube Entertainment and Kyobo 3
Can any of the company-specific risk be diversified away by investing in both Cube Entertainment and Kyobo 3 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 Cube Entertainment and Kyobo 3 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cube Entertainment and Kyobo 3 SPAC, you can compare the effects of market volatilities on Cube Entertainment and Kyobo 3 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 Cube Entertainment with a short position of Kyobo 3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cube Entertainment and Kyobo 3.
Diversification Opportunities for Cube Entertainment and Kyobo 3
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cube and Kyobo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cube Entertainment and Kyobo 3 SPAC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kyobo 3 SPAC and Cube Entertainment 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 Cube Entertainment are associated (or correlated) with Kyobo 3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kyobo 3 SPAC has no effect on the direction of Cube Entertainment i.e., Cube Entertainment and Kyobo 3 go up and down completely randomly.
Pair Corralation between Cube Entertainment and Kyobo 3
If you would invest 1,392,000 in Cube Entertainment on September 14, 2024 and sell it today you would earn a total of 251,000 from holding Cube Entertainment or generate 18.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Cube Entertainment vs. Kyobo 3 SPAC
Performance |
| Timeline |
| Cube Entertainment |
| Kyobo 3 SPAC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cube Entertainment and Kyobo 3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cube Entertainment and Kyobo 3
The main advantage of trading using opposite Cube Entertainment and Kyobo 3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cube Entertainment position performs unexpectedly, Kyobo 3 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 Kyobo 3 will offset losses from the drop in Kyobo 3's long position.| Cube Entertainment vs. PlayD Co | Cube Entertainment vs. Neungyule Education | Cube Entertainment vs. Solution Advanced Technology | Cube Entertainment vs. Busan Industrial Co |
| Kyobo 3 vs. AeroSpace Technology of | Kyobo 3 vs. KT Submarine Telecom | Kyobo 3 vs. Digital Imaging Technology | Kyobo 3 vs. KG Eco Technology |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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