Correlation Between PH Tech and DIGITAL CHOSUN
Can any of the company-specific risk be diversified away by investing in both PH Tech and DIGITAL CHOSUN 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 PH Tech and DIGITAL CHOSUN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PH Tech Co and DIGITAL CHOSUN, you can compare the effects of market volatilities on PH Tech and DIGITAL CHOSUN 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 PH Tech with a short position of DIGITAL CHOSUN. Check out your portfolio center. Please also check ongoing floating volatility patterns of PH Tech and DIGITAL CHOSUN.
Diversification Opportunities for PH Tech and DIGITAL CHOSUN
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 239890 and DIGITAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PH Tech Co and DIGITAL CHOSUN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DIGITAL CHOSUN and PH Tech 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 PH Tech Co are associated (or correlated) with DIGITAL CHOSUN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DIGITAL CHOSUN has no effect on the direction of PH Tech i.e., PH Tech and DIGITAL CHOSUN go up and down completely randomly.
Pair Corralation between PH Tech and DIGITAL CHOSUN
If you would invest 730,000 in PH Tech Co on October 17, 2024 and sell it today you would earn a total of 111,000 from holding PH Tech Co or generate 15.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PH Tech Co vs. DIGITAL CHOSUN
Performance |
| Timeline |
| PH Tech |
| DIGITAL CHOSUN |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PH Tech and DIGITAL CHOSUN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PH Tech and DIGITAL CHOSUN
The main advantage of trading using opposite PH Tech and DIGITAL CHOSUN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PH Tech position performs unexpectedly, DIGITAL CHOSUN 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 DIGITAL CHOSUN will offset losses from the drop in DIGITAL CHOSUN's long position.| PH Tech vs. Samyoung Electronics Co | PH Tech vs. DB Financial Investment | PH Tech vs. Atinum Investment Co | PH Tech vs. SungMoon Electronics Co |
| DIGITAL CHOSUN vs. Insun Environment New | DIGITAL CHOSUN vs. Samhyun Steel Co | DIGITAL CHOSUN vs. Seah Steel Corp | DIGITAL CHOSUN vs. Husteel |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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