Correlation Between ASTORY CoLtd and Inzi Display
Can any of the company-specific risk be diversified away by investing in both ASTORY CoLtd and Inzi Display 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 ASTORY CoLtd and Inzi Display into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ASTORY CoLtd and Inzi Display CoLtd, you can compare the effects of market volatilities on ASTORY CoLtd and Inzi Display 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 ASTORY CoLtd with a short position of Inzi Display. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASTORY CoLtd and Inzi Display.
Diversification Opportunities for ASTORY CoLtd and Inzi Display
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ASTORY and Inzi is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding ASTORY CoLtd and Inzi Display CoLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inzi Display CoLtd and ASTORY CoLtd 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 ASTORY CoLtd are associated (or correlated) with Inzi Display. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inzi Display CoLtd has no effect on the direction of ASTORY CoLtd i.e., ASTORY CoLtd and Inzi Display go up and down completely randomly.
Pair Corralation between ASTORY CoLtd and Inzi Display
Assuming the 90 days trading horizon ASTORY CoLtd is expected to under-perform the Inzi Display. In addition to that, ASTORY CoLtd is 2.78 times more volatile than Inzi Display CoLtd. It trades about -0.28 of its total potential returns per unit of risk. Inzi Display CoLtd is currently generating about -0.28 per unit of volatility. If you would invest 142,300 in Inzi Display CoLtd on November 5, 2024 and sell it today you would lose (6,600) from holding Inzi Display CoLtd or give up 4.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ASTORY CoLtd vs. Inzi Display CoLtd
Performance |
| Timeline |
| ASTORY CoLtd |
| Inzi Display CoLtd |
ASTORY CoLtd and Inzi Display Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASTORY CoLtd and Inzi Display
The main advantage of trading using opposite ASTORY CoLtd and Inzi Display positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASTORY CoLtd position performs unexpectedly, Inzi Display 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 Inzi Display will offset losses from the drop in Inzi Display's long position.| ASTORY CoLtd vs. JYP Entertainment Corp | ASTORY CoLtd vs. MediaZen | ASTORY CoLtd vs. Automobile Pc | ASTORY CoLtd vs. Shinhan Inverse Copper |
| Inzi Display vs. SBI Investment KOREA | Inzi Display vs. Daelim Trading Co | Inzi Display vs. Fine Besteel Co | Inzi Display 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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