Correlation Between Haesung DS and ASTORY CoLtd
Can any of the company-specific risk be diversified away by investing in both Haesung DS and ASTORY CoLtd 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 Haesung DS and ASTORY CoLtd into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haesung DS Co and ASTORY CoLtd, you can compare the effects of market volatilities on Haesung DS and ASTORY CoLtd 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 Haesung DS with a short position of ASTORY CoLtd. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haesung DS and ASTORY CoLtd.
Diversification Opportunities for Haesung DS and ASTORY CoLtd
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Haesung and ASTORY is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Haesung DS Co and ASTORY CoLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTORY CoLtd and Haesung DS 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 Haesung DS Co are associated (or correlated) with ASTORY CoLtd. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTORY CoLtd has no effect on the direction of Haesung DS i.e., Haesung DS and ASTORY CoLtd go up and down completely randomly.
Pair Corralation between Haesung DS and ASTORY CoLtd
Assuming the 90 days trading horizon Haesung DS Co is expected to under-perform the ASTORY CoLtd. In addition to that, Haesung DS is 1.4 times more volatile than ASTORY CoLtd. It trades about -0.22 of its total potential returns per unit of risk. ASTORY CoLtd is currently generating about 0.23 per unit of volatility. If you would invest 700,000 in ASTORY CoLtd on September 1, 2024 and sell it today you would earn a total of 96,000 from holding ASTORY CoLtd or generate 13.71% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 95.65% |
Values | Daily Returns |
Haesung DS Co vs. ASTORY CoLtd
Performance |
Timeline |
Haesung DS |
ASTORY CoLtd |
Haesung DS and ASTORY CoLtd Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Haesung DS and ASTORY CoLtd
The main advantage of trading using opposite Haesung DS and ASTORY CoLtd positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haesung DS position performs unexpectedly, ASTORY CoLtd 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 ASTORY CoLtd will offset losses from the drop in ASTORY CoLtd's long position.Haesung DS vs. Dongsin Engineering Construction | Haesung DS vs. Doosan Fuel Cell | Haesung DS vs. Daishin Balance 1 | Haesung DS vs. Total Soft Bank |
ASTORY CoLtd vs. BGF Retail Co | ASTORY CoLtd vs. Lindeman Asia Investment | ASTORY CoLtd vs. Daewoo Engineering Construction | ASTORY CoLtd vs. GS Engineering Construction |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |