Correlation Between AEON STORES and CEOTRONICS (CEKSG)
Can any of the company-specific risk be diversified away by investing in both AEON STORES and CEOTRONICS (CEKSG) 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 AEON STORES and CEOTRONICS (CEKSG) into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AEON STORES and CEOTRONICS, you can compare the effects of market volatilities on AEON STORES and CEOTRONICS (CEKSG) 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 AEON STORES with a short position of CEOTRONICS (CEKSG). Check out your portfolio center. Please also check ongoing floating volatility patterns of AEON STORES and CEOTRONICS (CEKSG).
Diversification Opportunities for AEON STORES and CEOTRONICS (CEKSG)
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between AEON and CEOTRONICS is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding AEON STORES and CEOTRONICS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CEOTRONICS (CEKSG) and AEON STORES 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 AEON STORES are associated (or correlated) with CEOTRONICS (CEKSG). Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CEOTRONICS (CEKSG) has no effect on the direction of AEON STORES i.e., AEON STORES and CEOTRONICS (CEKSG) go up and down completely randomly.
Pair Corralation between AEON STORES and CEOTRONICS (CEKSG)
If you would invest 605.00 in CEOTRONICS on December 13, 2024 and sell it today you would earn a total of 295.00 from holding CEOTRONICS or generate 48.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AEON STORES vs. CEOTRONICS
Performance |
| Timeline |
| AEON STORES |
| CEOTRONICS (CEKSG) |
AEON STORES and CEOTRONICS (CEKSG) Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEON STORES and CEOTRONICS (CEKSG)
The main advantage of trading using opposite AEON STORES and CEOTRONICS (CEKSG) positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEON STORES position performs unexpectedly, CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG) will offset losses from the drop in CEOTRONICS (CEKSG)'s long position.| AEON STORES vs. LINMON MEDIA LTD | ||
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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