Correlation Between Khiron Life and GungHo Online
Can any of the company-specific risk be diversified away by investing in both Khiron Life and GungHo Online 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 Khiron Life and GungHo Online into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Khiron Life Sciences and GungHo Online Entertainment, you can compare the effects of market volatilities on Khiron Life and GungHo Online 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 Khiron Life with a short position of GungHo Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Khiron Life and GungHo Online.
Diversification Opportunities for Khiron Life and GungHo Online
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Khiron and GungHo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Khiron Life Sciences and GungHo Online Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GungHo Online Entert and Khiron Life 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 Khiron Life Sciences are associated (or correlated) with GungHo Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GungHo Online Entert has no effect on the direction of Khiron Life i.e., Khiron Life and GungHo Online go up and down completely randomly.
Pair Corralation between Khiron Life and GungHo Online
If you would invest 1,860 in GungHo Online Entertainment on October 11, 2024 and sell it today you would earn a total of 50.00 from holding GungHo Online Entertainment or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Khiron Life Sciences vs. GungHo Online Entertainment
Performance |
| Timeline |
| Khiron Life Sciences |
| GungHo Online Entert |
Khiron Life and GungHo Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Khiron Life and GungHo Online
The main advantage of trading using opposite Khiron Life and GungHo Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Khiron Life position performs unexpectedly, GungHo Online 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 GungHo Online will offset losses from the drop in GungHo Online's long position.| Khiron Life vs. Shenandoah Telecommunications | Khiron Life vs. Zoom Video Communications | Khiron Life vs. Highlight Communications AG | Khiron Life vs. Minerals Technologies |
| GungHo Online vs. Khiron Life Sciences | GungHo Online vs. NorAm Drilling AS | GungHo Online vs. Iridium Communications | GungHo Online vs. T Mobile |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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