Correlation Between Seers Technology and Mirae Asset
Can any of the company-specific risk be diversified away by investing in both Seers Technology 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 Seers Technology and Mirae Asset into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Seers Technology and Mirae Asset Daewoo, you can compare the effects of market volatilities on Seers Technology 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 Seers Technology with a short position of Mirae Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of Seers Technology and Mirae Asset.
Diversification Opportunities for Seers Technology and Mirae Asset
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Seers and Mirae is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Seers Technology 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 Seers Technology 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 Seers Technology 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 Seers Technology i.e., Seers Technology and Mirae Asset go up and down completely randomly.
Pair Corralation between Seers Technology and Mirae Asset
Assuming the 90 days trading horizon Seers Technology is expected to under-perform the Mirae Asset. In addition to that, Seers Technology is 4.01 times more volatile than Mirae Asset Daewoo. It trades about -0.05 of its total potential returns per unit of risk. Mirae Asset Daewoo is currently generating about 0.02 per unit of volatility. If you would invest 354,396 in Mirae Asset Daewoo on October 13, 2024 and sell it today you would earn a total of 37,604 from holding Mirae Asset Daewoo or generate 10.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 28.84% |
| Values | Daily Returns |
Seers Technology vs. Mirae Asset Daewoo
Performance |
| Timeline |
| Seers Technology |
| Mirae Asset Daewoo |
Seers Technology and Mirae Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Seers Technology and Mirae Asset
The main advantage of trading using opposite Seers Technology and Mirae Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Seers Technology 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.| Seers Technology vs. Jeju Bank | Seers Technology vs. Bosung Power Technology | Seers Technology vs. KakaoBank Corp | Seers Technology vs. Vina Technology Co |
| Mirae Asset vs. Eugene Technology CoLtd | Mirae Asset vs. Daou Technology | Mirae Asset vs. LG Household Healthcare | Mirae Asset vs. Seers Technology |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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