Correlation Between ACCSYS TECHPLC and GungHo Online
Can any of the company-specific risk be diversified away by investing in both ACCSYS TECHPLC and GungHo Online 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 ACCSYS TECHPLC and GungHo Online into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ACCSYS TECHPLC EO and GungHo Online Entertainment, you can compare the effects of market volatilities on ACCSYS TECHPLC and GungHo Online 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 ACCSYS TECHPLC with a short position of GungHo Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACCSYS TECHPLC and GungHo Online.
Diversification Opportunities for ACCSYS TECHPLC and GungHo Online
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between ACCSYS and GungHo is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding ACCSYS TECHPLC EO and GungHo Online Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GungHo Online Entert and ACCSYS TECHPLC 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 ACCSYS TECHPLC EO are associated (or correlated) with GungHo Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GungHo Online Entert has no effect on the direction of ACCSYS TECHPLC i.e., ACCSYS TECHPLC and GungHo Online go up and down completely randomly.
Pair Corralation between ACCSYS TECHPLC and GungHo Online
Assuming the 90 days horizon ACCSYS TECHPLC EO is expected to under-perform the GungHo Online. In addition to that, ACCSYS TECHPLC is 1.13 times more volatile than GungHo Online Entertainment. It trades about -0.04 of its total potential returns per unit of risk. GungHo Online Entertainment is currently generating about 0.03 per unit of volatility. If you would invest 1,490 in GungHo Online Entertainment on October 29, 2024 and sell it today you would earn a total of 400.00 from holding GungHo Online Entertainment or generate 26.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ACCSYS TECHPLC EO vs. GungHo Online Entertainment
Performance |
| Timeline |
| ACCSYS TECHPLC EO |
| GungHo Online Entert |
ACCSYS TECHPLC and GungHo Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACCSYS TECHPLC and GungHo Online
The main advantage of trading using opposite ACCSYS TECHPLC and GungHo Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACCSYS TECHPLC position performs unexpectedly, GungHo Online 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 GungHo Online will offset losses from the drop in GungHo Online's long position.| ACCSYS TECHPLC vs. Ares Management Corp | ACCSYS TECHPLC vs. ANGLO ASIAN MINING | ACCSYS TECHPLC vs. Aya Gold Silver | ACCSYS TECHPLC vs. Waste Management |
| GungHo Online vs. PATTIES FOODS | GungHo Online vs. Altair Engineering | GungHo Online vs. Westinghouse Air Brake | GungHo Online vs. RYANAIR HLDGS ADR |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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