Correlation Between Easy Technologies and GungHo Online

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Can any of the company-specific risk be diversified away by investing in both Easy Technologies 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 Easy Technologies and GungHo Online into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Easy Technologies and GungHo Online Entertainment, you can compare the effects of market volatilities on Easy Technologies 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 Easy Technologies with a short position of GungHo Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easy Technologies and GungHo Online.

Diversification Opportunities for Easy Technologies and GungHo Online

-1.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Easy and GungHo is -1.0. Overlapping area represents the amount of risk that can be diversified away by holding Easy Technologies 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 Easy Technologies 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 Easy Technologies 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 Easy Technologies i.e., Easy Technologies and GungHo Online go up and down completely randomly.

Pair Corralation between Easy Technologies and GungHo Online

If you would invest  1,928  in GungHo Online Entertainment on August 29, 2024 and sell it today you would earn a total of  0.00  from holding GungHo Online Entertainment or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Easy Technologies  vs.  GungHo Online Entertainment

 Performance 
       Timeline  
Easy Technologies 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Easy Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Easy Technologies is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.
GungHo Online Entert 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days GungHo Online Entertainment has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, GungHo Online is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.

Easy Technologies and GungHo Online Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Easy Technologies and GungHo Online

The main advantage of trading using opposite Easy Technologies and GungHo Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easy Technologies 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.
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The idea behind Easy Technologies and GungHo Online Entertainment pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.

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