Correlation Between Aquagold International and SK GROWTH
Can any of the company-specific risk be diversified away by investing in both Aquagold International and SK GROWTH 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 Aquagold International and SK GROWTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aquagold International and SK GROWTH OPPORTUNITIES, you can compare the effects of market volatilities on Aquagold International and SK GROWTH 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 Aquagold International with a short position of SK GROWTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquagold International and SK GROWTH.
Diversification Opportunities for Aquagold International and SK GROWTH
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aquagold and SKGRU is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aquagold International and SK GROWTH OPPORTUNITIES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SK GROWTH OPPORTUNITIES and Aquagold International 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 Aquagold International are associated (or correlated) with SK GROWTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SK GROWTH OPPORTUNITIES has no effect on the direction of Aquagold International i.e., Aquagold International and SK GROWTH go up and down completely randomly.
Pair Corralation between Aquagold International and SK GROWTH
Given the investment horizon of 90 days Aquagold International is expected to under-perform the SK GROWTH. But the pink sheet apears to be less risky and, when comparing its historical volatility, Aquagold International is 48.76 times less risky than SK GROWTH. The pink sheet trades about -0.02 of its potential returns per unit of risk. The SK GROWTH OPPORTUNITIES is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 1,120 in SK GROWTH OPPORTUNITIES on September 12, 2024 and sell it today you would earn a total of 22.00 from holding SK GROWTH OPPORTUNITIES or generate 1.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 26.81% |
| Values | Daily Returns |
Aquagold International vs. SK GROWTH OPPORTUNITIES
Performance |
| Timeline |
| Aquagold International |
| SK GROWTH OPPORTUNITIES |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aquagold International and SK GROWTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquagold International and SK GROWTH
The main advantage of trading using opposite Aquagold International and SK GROWTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquagold International position performs unexpectedly, SK GROWTH 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 SK GROWTH will offset losses from the drop in SK GROWTH's long position.| Aquagold International vs. PepsiCo | Aquagold International vs. Coca Cola Consolidated | Aquagold International vs. Monster Beverage Corp | Aquagold International vs. Celsius Holdings |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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