Correlation Between Kosdaq Composite and APS Holdings
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kosdaq Composite Index and APS Holdings, you can compare the effects of market volatilities on Kosdaq Composite and APS 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 APS Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and APS Holdings.
Diversification Opportunities for Kosdaq Composite and APS Holdings
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kosdaq and APS is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and APS Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APS 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 APS Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APS Holdings has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and APS Holdings go up and down completely randomly.
Pair Corralation between Kosdaq Composite and APS Holdings
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.94 times more return on investment than APS Holdings. However, Kosdaq Composite Index is 1.06 times less risky than APS Holdings. It trades about -0.19 of its potential returns per unit of risk. APS Holdings is currently generating about -0.25 per unit of risk. If you would invest 74,418 in Kosdaq Composite Index on August 30, 2024 and sell it today you would lose (4,985) from holding Kosdaq Composite Index or give up 6.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Kosdaq Composite Index vs. APS Holdings
Performance |
| Timeline |
Kosdaq Composite and APS Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
APS Holdings
Pair trading matchups for APS Holdings
Pair Trading with Kosdaq Composite and APS Holdings
The main advantage of trading using opposite Kosdaq Composite and APS Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, APS 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 APS Holdings will offset losses from the drop in APS Holdings' long position.| Kosdaq Composite vs. Korea Air Svc | Kosdaq Composite vs. Mobileleader CoLtd | Kosdaq Composite vs. Ssangyong Information Communication | Kosdaq Composite vs. TOPMATERIAL LTD |
| APS Holdings vs. Daou Data Corp | APS Holdings vs. Busan Industrial Co | APS Holdings vs. Busan Ind | APS Holdings vs. Shinhan WTI Futures |
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.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |