Correlation Between Hyundai Green and E Investment
Can any of the company-specific risk be diversified away by investing in both Hyundai Green and E Investment 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 Hyundai Green and E Investment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hyundai Green Food and E Investment Development, you can compare the effects of market volatilities on Hyundai Green and E Investment 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 Hyundai Green with a short position of E Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hyundai Green and E Investment.
Diversification Opportunities for Hyundai Green and E Investment
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hyundai and 093230 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hyundai Green Food and E Investment Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on E Investment Development and Hyundai Green 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 Hyundai Green Food are associated (or correlated) with E Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of E Investment Development has no effect on the direction of Hyundai Green i.e., Hyundai Green and E Investment go up and down completely randomly.
Pair Corralation between Hyundai Green and E Investment
If you would invest 1,164,000 in Hyundai Green Food on August 31, 2024 and sell it today you would earn a total of 211,000 from holding Hyundai Green Food or generate 18.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Hyundai Green Food vs. E Investment Development
Performance |
| Timeline |
| Hyundai Green Food |
| E Investment Development |
Hyundai Green and E Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hyundai Green and E Investment
The main advantage of trading using opposite Hyundai Green and E Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hyundai Green position performs unexpectedly, E Investment 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 E Investment will offset losses from the drop in E Investment's long position.| Hyundai Green vs. Samsung Electronics Co | Hyundai Green vs. Samsung Electronics Co | Hyundai Green vs. LG Energy Solution | Hyundai Green vs. SK Hynix |
| E Investment vs. Dongsin Engineering Construction | E Investment vs. Doosan Fuel Cell | E Investment vs. Daishin Balance 1 | E Investment vs. Total Soft Bank |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |