Correlation Between Kosdaq Composite and NEOWIZ HOLDINGS
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By analyzing existing cross correlation between Kosdaq Composite Index and NEOWIZ HOLDINGS, you can compare the effects of market volatilities on Kosdaq Composite and NEOWIZ HOLDINGS 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 NEOWIZ HOLDINGS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and NEOWIZ HOLDINGS.
Diversification Opportunities for Kosdaq Composite and NEOWIZ HOLDINGS
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Kosdaq and NEOWIZ is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and NEOWIZ HOLDINGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEOWIZ HOLDINGS 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 NEOWIZ HOLDINGS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEOWIZ HOLDINGS has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and NEOWIZ HOLDINGS go up and down completely randomly.
Pair Corralation between Kosdaq Composite and NEOWIZ HOLDINGS
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.78 times more return on investment than NEOWIZ HOLDINGS. However, Kosdaq Composite Index is 1.28 times less risky than NEOWIZ HOLDINGS. It trades about 0.27 of its potential returns per unit of risk. NEOWIZ HOLDINGS is currently generating about 0.03 per unit of risk. If you would invest 72,829 in Kosdaq Composite Index on November 27, 2024 and sell it today you would earn a total of 4,526 from holding Kosdaq Composite Index or generate 6.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
Kosdaq Composite Index vs. NEOWIZ HOLDINGS
Performance |
| Timeline |
Kosdaq Composite and NEOWIZ HOLDINGS Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
NEOWIZ HOLDINGS
Pair trading matchups for NEOWIZ HOLDINGS
Pair Trading with Kosdaq Composite and NEOWIZ HOLDINGS
The main advantage of trading using opposite Kosdaq Composite and NEOWIZ HOLDINGS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, NEOWIZ HOLDINGS 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 NEOWIZ HOLDINGS will offset losses from the drop in NEOWIZ HOLDINGS's long position.| Kosdaq Composite vs. Seoul Food Industrial | Kosdaq Composite vs. Organic Special Pet | Kosdaq Composite vs. Hyundai Green Food | Kosdaq Composite vs. Namyang Dairy |
| NEOWIZ HOLDINGS vs. ENERGYMACHINERY KOREA CoLtd | NEOWIZ HOLDINGS vs. Dongil Steel Co | NEOWIZ HOLDINGS vs. Camus Engineering Construction | NEOWIZ HOLDINGS vs. Hyundai BNG Steel |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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