Correlation Between AptaBio Therapeutics and Samyung Trading
Can any of the company-specific risk be diversified away by investing in both AptaBio Therapeutics and Samyung Trading 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 AptaBio Therapeutics and Samyung Trading into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AptaBio Therapeutics and Samyung Trading Co, you can compare the effects of market volatilities on AptaBio Therapeutics and Samyung Trading 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 AptaBio Therapeutics with a short position of Samyung Trading. Check out your portfolio center. Please also check ongoing floating volatility patterns of AptaBio Therapeutics and Samyung Trading.
Diversification Opportunities for AptaBio Therapeutics and Samyung Trading
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AptaBio and Samyung is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding AptaBio Therapeutics and Samyung Trading Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Samyung Trading and AptaBio Therapeutics 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 AptaBio Therapeutics are associated (or correlated) with Samyung Trading. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Samyung Trading has no effect on the direction of AptaBio Therapeutics i.e., AptaBio Therapeutics and Samyung Trading go up and down completely randomly.
Pair Corralation between AptaBio Therapeutics and Samyung Trading
Assuming the 90 days trading horizon AptaBio Therapeutics is expected to under-perform the Samyung Trading. In addition to that, AptaBio Therapeutics is 4.85 times more volatile than Samyung Trading Co. It trades about 0.0 of its total potential returns per unit of risk. Samyung Trading Co is currently generating about 0.01 per unit of volatility. If you would invest 1,219,432 in Samyung Trading Co on October 28, 2024 and sell it today you would earn a total of 24,568 from holding Samyung Trading Co or generate 2.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AptaBio Therapeutics vs. Samyung Trading Co
Performance |
| Timeline |
| AptaBio Therapeutics |
| Samyung Trading |
AptaBio Therapeutics and Samyung Trading Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AptaBio Therapeutics and Samyung Trading
The main advantage of trading using opposite AptaBio Therapeutics and Samyung Trading positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AptaBio Therapeutics position performs unexpectedly, Samyung Trading 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 Samyung Trading will offset losses from the drop in Samyung Trading's long position.| AptaBio Therapeutics vs. ABL Bio | AptaBio Therapeutics vs. Helixmith Co | AptaBio Therapeutics vs. OliX PharmaceuticalsInc | AptaBio Therapeutics vs. Oscotec |
| Samyung Trading vs. Daejung Chemicals Metals | Samyung Trading vs. Ssangyong Information Communication | Samyung Trading vs. Youngsin Metal Industrial | Samyung Trading vs. CG Hi Tech |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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