Correlation Between TEN SQUARE and NEXON Co
Can any of the company-specific risk be diversified away by investing in both TEN SQUARE and NEXON Co 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 TEN SQUARE and NEXON Co into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TEN SQUARE GAMES and NEXON Co, you can compare the effects of market volatilities on TEN SQUARE and NEXON Co 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 TEN SQUARE with a short position of NEXON Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of TEN SQUARE and NEXON Co.
Diversification Opportunities for TEN SQUARE and NEXON Co
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TEN and NEXON is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TEN SQUARE GAMES and NEXON Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEXON Co and TEN SQUARE 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 TEN SQUARE GAMES are associated (or correlated) with NEXON Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEXON Co has no effect on the direction of TEN SQUARE i.e., TEN SQUARE and NEXON Co go up and down completely randomly.
Pair Corralation between TEN SQUARE and NEXON Co
Assuming the 90 days horizon TEN SQUARE GAMES is expected to generate 0.62 times more return on investment than NEXON Co. However, TEN SQUARE GAMES is 1.61 times less risky than NEXON Co. It trades about -0.03 of its potential returns per unit of risk. NEXON Co is currently generating about -0.1 per unit of risk. If you would invest 1,806 in TEN SQUARE GAMES on November 8, 2024 and sell it today you would lose (3.00) from holding TEN SQUARE GAMES or give up 0.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 17.39% |
| Values | Daily Returns |
TEN SQUARE GAMES vs. NEXON Co
Performance |
| Timeline |
| TEN SQUARE GAMES |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| NEXON Co |
TEN SQUARE and NEXON Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TEN SQUARE and NEXON Co
The main advantage of trading using opposite TEN SQUARE and NEXON Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TEN SQUARE position performs unexpectedly, NEXON Co 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 NEXON Co will offset losses from the drop in NEXON Co's long position.| TEN SQUARE vs. Vishay Intertechnology | TEN SQUARE vs. Alfa Financial Software | TEN SQUARE vs. Sixt Leasing SE | TEN SQUARE vs. Align Technology |
| NEXON Co vs. Infrastrutture Wireless Italiane | NEXON Co vs. Sixt Leasing SE | NEXON Co vs. Harmony Gold Mining | NEXON Co vs. Global Ship Lease |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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