Correlation Between Kosdaq Composite and Hankukpackage
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By analyzing existing cross correlation between Kosdaq Composite Index and Hankukpackage Co, you can compare the effects of market volatilities on Kosdaq Composite and Hankukpackage 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 Hankukpackage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Hankukpackage.
Diversification Opportunities for Kosdaq Composite and Hankukpackage
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kosdaq and Hankukpackage is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Hankukpackage Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hankukpackage 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 Hankukpackage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hankukpackage has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Hankukpackage go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Hankukpackage
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to under-perform the Hankukpackage. In addition to that, Kosdaq Composite is 1.21 times more volatile than Hankukpackage Co. It trades about -0.25 of its total potential returns per unit of risk. Hankukpackage Co is currently generating about -0.26 per unit of volatility. If you would invest 199,200 in Hankukpackage Co on September 1, 2024 and sell it today you would lose (14,900) from holding Hankukpackage Co or give up 7.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Hankukpackage Co
Performance |
| Timeline |
Kosdaq Composite and Hankukpackage Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Hankukpackage Co
Pair trading matchups for Hankukpackage
Pair Trading with Kosdaq Composite and Hankukpackage
The main advantage of trading using opposite Kosdaq Composite and Hankukpackage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Hankukpackage 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 Hankukpackage will offset losses from the drop in Hankukpackage's long position.| Kosdaq Composite vs. Golden Bridge Investment | Kosdaq Composite vs. Lotte Data Communication | Kosdaq Composite vs. E Investment Development | Kosdaq Composite vs. Stic Investments |
| Hankukpackage vs. Busan Industrial Co | Hankukpackage vs. Busan Ind | Hankukpackage vs. Mirae Asset Daewoo | Hankukpackage vs. Finebesteel |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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