Correlation Between Hana Microelectronics and DOHOME
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By analyzing existing cross correlation between Hana Microelectronics Public and DOHOME, you can compare the effects of market volatilities on Hana Microelectronics and DOHOME 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 Hana Microelectronics with a short position of DOHOME. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hana Microelectronics and DOHOME.
Diversification Opportunities for Hana Microelectronics and DOHOME
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hana and DOHOME is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Hana Microelectronics Public and DOHOME in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOHOME and Hana Microelectronics 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 Hana Microelectronics Public are associated (or correlated) with DOHOME. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOHOME has no effect on the direction of Hana Microelectronics i.e., Hana Microelectronics and DOHOME go up and down completely randomly.
Pair Corralation between Hana Microelectronics and DOHOME
Assuming the 90 days trading horizon Hana Microelectronics Public is expected to under-perform the DOHOME. In addition to that, Hana Microelectronics is 1.04 times more volatile than DOHOME. It trades about -0.1 of its total potential returns per unit of risk. DOHOME is currently generating about -0.03 per unit of volatility. If you would invest 1,289 in DOHOME on September 14, 2024 and sell it today you would lose (304.00) from holding DOHOME or give up 23.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hana Microelectronics Public vs. DOHOME
Performance |
| Timeline |
| Hana Microelectronics |
| DOHOME |
Hana Microelectronics and DOHOME Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hana Microelectronics and DOHOME
The main advantage of trading using opposite Hana Microelectronics and DOHOME positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hana Microelectronics position performs unexpectedly, DOHOME 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 DOHOME will offset losses from the drop in DOHOME's long position.| Hana Microelectronics vs. KCE Electronics Public | Hana Microelectronics vs. Land and Houses | Hana Microelectronics vs. Delta Electronics Public | Hana Microelectronics vs. The Siam Cement |
| DOHOME vs. Com7 PCL | DOHOME vs. Central Retail | DOHOME vs. Siam Global House | DOHOME vs. Home Product Center |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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