Correlation Between Intellian Technologies and Hyundai Mobis
Can any of the company-specific risk be diversified away by investing in both Intellian Technologies and Hyundai Mobis 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 Intellian Technologies and Hyundai Mobis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intellian Technologies and Hyundai Mobis, you can compare the effects of market volatilities on Intellian Technologies and Hyundai Mobis 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 Intellian Technologies with a short position of Hyundai Mobis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intellian Technologies and Hyundai Mobis.
Diversification Opportunities for Intellian Technologies and Hyundai Mobis
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Intellian and Hyundai is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Intellian Technologies and Hyundai Mobis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hyundai Mobis and Intellian Technologies 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 Intellian Technologies are associated (or correlated) with Hyundai Mobis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyundai Mobis has no effect on the direction of Intellian Technologies i.e., Intellian Technologies and Hyundai Mobis go up and down completely randomly.
Pair Corralation between Intellian Technologies and Hyundai Mobis
Assuming the 90 days trading horizon Intellian Technologies is expected to under-perform the Hyundai Mobis. In addition to that, Intellian Technologies is 1.65 times more volatile than Hyundai Mobis. It trades about -0.05 of its total potential returns per unit of risk. Hyundai Mobis is currently generating about 0.02 per unit of volatility. If you would invest 23,836,100 in Hyundai Mobis on September 12, 2024 and sell it today you would earn a total of 1,013,900 from holding Hyundai Mobis or generate 4.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intellian Technologies vs. Hyundai Mobis
Performance |
| Timeline |
| Intellian Technologies |
| Hyundai Mobis |
Intellian Technologies and Hyundai Mobis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intellian Technologies and Hyundai Mobis
The main advantage of trading using opposite Intellian Technologies and Hyundai Mobis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intellian Technologies position performs unexpectedly, Hyundai Mobis 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 Hyundai Mobis will offset losses from the drop in Hyundai Mobis' long position.| Intellian Technologies vs. Cube Entertainment | Intellian Technologies vs. Dreamus Company | Intellian Technologies vs. LG Energy Solution | Intellian Technologies vs. Dongwon System |
| Hyundai Mobis vs. Daou Data Corp | Hyundai Mobis vs. Solution Advanced Technology | Hyundai Mobis vs. Busan Industrial Co | Hyundai Mobis vs. Busan Ind |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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