Correlation Between Kosdaq Composite and Nasmedia
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kosdaq Composite Index and Nasmedia Co, you can compare the effects of market volatilities on Kosdaq Composite and Nasmedia 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 Nasmedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Nasmedia.
Diversification Opportunities for Kosdaq Composite and Nasmedia
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kosdaq and Nasmedia is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Nasmedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasmedia 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 Nasmedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasmedia has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Nasmedia go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Nasmedia
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.97 times more return on investment than Nasmedia. However, Kosdaq Composite Index is 1.03 times less risky than Nasmedia. It trades about -0.24 of its potential returns per unit of risk. Nasmedia Co is currently generating about -0.26 per unit of risk. If you would invest 73,459 in Kosdaq Composite Index on August 25, 2024 and sell it today you would lose (5,704) from holding Kosdaq Composite Index or give up 7.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Nasmedia Co
Performance |
| Timeline |
Kosdaq Composite and Nasmedia Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Nasmedia Co
Pair trading matchups for Nasmedia
Pair Trading with Kosdaq Composite and Nasmedia
The main advantage of trading using opposite Kosdaq Composite and Nasmedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Nasmedia 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 Nasmedia will offset losses from the drop in Nasmedia's long position.| Kosdaq Composite vs. Kbi Metal Co | Kosdaq Composite vs. Shinsung Delta Tech | Kosdaq Composite vs. Woori Technology | Kosdaq Composite vs. Dongil Metal Co |
| Nasmedia vs. Shinsegae Information Communication | Nasmedia vs. Korea Information Communications | Nasmedia vs. Wireless Power Amplifier | Nasmedia vs. Pan Entertainment 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |