Correlation Between Kosdaq Composite and Samil Enterprise
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By analyzing existing cross correlation between Kosdaq Composite Index and Samil Enterprise Co, you can compare the effects of market volatilities on Kosdaq Composite and Samil Enterprise 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 Kosdaq Composite with a short position of Samil Enterprise. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Samil Enterprise.
Diversification Opportunities for Kosdaq Composite and Samil Enterprise
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kosdaq and Samil is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Samil Enterprise Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Samil Enterprise and Kosdaq Composite 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 Kosdaq Composite Index are associated (or correlated) with Samil Enterprise. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Samil Enterprise has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Samil Enterprise go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Samil Enterprise
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to under-perform the Samil Enterprise. But the index apears to be less risky and, when comparing its historical volatility, Kosdaq Composite Index is 1.16 times less risky than Samil Enterprise. The index trades about -0.04 of its potential returns per unit of risk. The Samil Enterprise Co is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 372,666 in Samil Enterprise Co on August 31, 2024 and sell it today you would lose (58,666) from holding Samil Enterprise Co or give up 15.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.72% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Samil Enterprise Co
Performance |
| Timeline |
Kosdaq Composite and Samil Enterprise Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Samil Enterprise Co
Pair trading matchups for Samil Enterprise
Pair Trading with Kosdaq Composite and Samil Enterprise
The main advantage of trading using opposite Kosdaq Composite and Samil Enterprise positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Samil Enterprise 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 Samil Enterprise will offset losses from the drop in Samil Enterprise's long position.| Kosdaq Composite vs. LG Chemicals | Kosdaq Composite vs. Sempio Foods Co | Kosdaq Composite vs. SK Chemicals Co | Kosdaq Composite vs. Korea Shipbuilding Offshore |
| Samil Enterprise vs. E Investment Development | Samil Enterprise vs. Kukil Metal Co | Samil Enterprise vs. Choil Aluminum | Samil Enterprise vs. Kbi Metal Co |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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