Correlation Between Woori Financial and Mirae Asset
Can any of the company-specific risk be diversified away by investing in both Woori Financial and Mirae Asset 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 Woori Financial and Mirae Asset into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Woori Financial Group and Mirae Asset Daewoo, you can compare the effects of market volatilities on Woori Financial and Mirae Asset 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 Woori Financial with a short position of Mirae Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of Woori Financial and Mirae Asset.
Diversification Opportunities for Woori Financial and Mirae Asset
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Woori and Mirae is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Woori Financial Group and Mirae Asset Daewoo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mirae Asset Daewoo and Woori Financial 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 Woori Financial Group are associated (or correlated) with Mirae Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mirae Asset Daewoo has no effect on the direction of Woori Financial i.e., Woori Financial and Mirae Asset go up and down completely randomly.
Pair Corralation between Woori Financial and Mirae Asset
If you would invest 1,121,959 in Woori Financial Group on October 25, 2024 and sell it today you would earn a total of 458,041 from holding Woori Financial Group or generate 40.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Woori Financial Group vs. Mirae Asset Daewoo
Performance |
| Timeline |
| Woori Financial Group |
| Mirae Asset Daewoo |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Woori Financial and Mirae Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Woori Financial and Mirae Asset
The main advantage of trading using opposite Woori Financial and Mirae Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Woori Financial position performs unexpectedly, Mirae Asset 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 Mirae Asset will offset losses from the drop in Mirae Asset's long position.| Woori Financial vs. Shinhan Financial Group | Woori Financial vs. Hana Financial | Woori Financial vs. KakaoBank Corp | Woori Financial vs. Industrial Bank |
| Mirae Asset vs. SK Chemicals Co | Mirae Asset vs. Automobile Pc | Mirae Asset vs. LG Chemicals | Mirae Asset vs. Daejung Chemicals Metals |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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