Correlation Between Kosdaq Composite and Ezwelfare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kosdaq Composite Index and Ezwelfare Co, you can compare the effects of market volatilities on Kosdaq Composite and Ezwelfare 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 Ezwelfare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Ezwelfare.
Diversification Opportunities for Kosdaq Composite and Ezwelfare
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kosdaq and Ezwelfare is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Ezwelfare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ezwelfare 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 Ezwelfare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ezwelfare has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Ezwelfare go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Ezwelfare
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.74 times more return on investment than Ezwelfare. However, Kosdaq Composite Index is 1.35 times less risky than Ezwelfare. It trades about 0.0 of its potential returns per unit of risk. Ezwelfare Co is currently generating about -0.02 per unit of risk. If you would invest 72,900 in Kosdaq Composite Index on September 4, 2024 and sell it today you would lose (3,835) from holding Kosdaq Composite Index or give up 5.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Ezwelfare Co
Performance |
| Timeline |
Kosdaq Composite and Ezwelfare Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Ezwelfare Co
Pair trading matchups for Ezwelfare
Pair Trading with Kosdaq Composite and Ezwelfare
The main advantage of trading using opposite Kosdaq Composite and Ezwelfare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Ezwelfare 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 Ezwelfare will offset losses from the drop in Ezwelfare's long position.| Kosdaq Composite vs. Osang Healthcare Co,Ltd | Kosdaq Composite vs. Korea Alcohol Industrial | Kosdaq Composite vs. Samlip General Foods | Kosdaq Composite vs. INFINITT Healthcare Co |
| Ezwelfare vs. Echomarketing CoLtd | Ezwelfare vs. Nice Information Telecommunication | Ezwelfare vs. Display Tech Co | Ezwelfare vs. CKH Food Health |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |