Correlation Between Kosdaq Composite and Yura Tech
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By analyzing existing cross correlation between Kosdaq Composite Index and Yura Tech Co, you can compare the effects of market volatilities on Kosdaq Composite and Yura Tech 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 Yura Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Yura Tech.
Diversification Opportunities for Kosdaq Composite and Yura Tech
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kosdaq and Yura is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Yura Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yura Tech 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 Yura Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yura Tech has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Yura Tech go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Yura Tech
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to under-perform the Yura Tech. In addition to that, Kosdaq Composite is 1.58 times more volatile than Yura Tech Co. It trades about -0.16 of its total potential returns per unit of risk. Yura Tech Co is currently generating about -0.14 per unit of volatility. If you would invest 656,000 in Yura Tech Co on August 28, 2024 and sell it today you would lose (20,000) from holding Yura Tech Co or give up 3.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Yura Tech Co
Performance |
| Timeline |
Kosdaq Composite and Yura Tech Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Yura Tech Co
Pair trading matchups for Yura Tech
Pair Trading with Kosdaq Composite and Yura Tech
The main advantage of trading using opposite Kosdaq Composite and Yura Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Yura Tech 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 Yura Tech will offset losses from the drop in Yura Tech's long position.| Kosdaq Composite vs. Shinil Electronics Co | Kosdaq Composite vs. Sungdo Engineering Construction | Kosdaq Composite vs. Seoul Electronics Telecom | Kosdaq Composite vs. ENERGYMACHINERY KOREA CoLtd |
| Yura Tech vs. Busan Industrial Co | Yura Tech vs. Busan Ind | Yura Tech vs. Mirae Asset Daewoo | Yura Tech vs. UNISEM 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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