Correlation Between Kosdaq Composite and Chorokbaem Healthcare
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By analyzing existing cross correlation between Kosdaq Composite Index and Chorokbaem Healthcare Co, you can compare the effects of market volatilities on Kosdaq Composite and Chorokbaem Healthcare 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 Chorokbaem Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Chorokbaem Healthcare.
Diversification Opportunities for Kosdaq Composite and Chorokbaem Healthcare
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kosdaq and Chorokbaem is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Chorokbaem Healthcare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chorokbaem Healthcare 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 Chorokbaem Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chorokbaem Healthcare has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Chorokbaem Healthcare go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Chorokbaem Healthcare
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.79 times more return on investment than Chorokbaem Healthcare. However, Kosdaq Composite Index is 1.27 times less risky than Chorokbaem Healthcare. It trades about -0.22 of its potential returns per unit of risk. Chorokbaem Healthcare Co is currently generating about -0.18 per unit of risk. If you would invest 73,819 in Kosdaq Composite Index on August 31, 2024 and sell it today you would lose (5,770) from holding Kosdaq Composite Index or give up 7.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Chorokbaem Healthcare Co
Performance |
| Timeline |
Kosdaq Composite and Chorokbaem Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Chorokbaem Healthcare Co
Pair trading matchups for Chorokbaem Healthcare
Pair Trading with Kosdaq Composite and Chorokbaem Healthcare
The main advantage of trading using opposite Kosdaq Composite and Chorokbaem Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Chorokbaem Healthcare 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 Chorokbaem Healthcare will offset losses from the drop in Chorokbaem Healthcare's long position.| Kosdaq Composite vs. LG Chemicals | Kosdaq Composite vs. Sempio Foods Co | Kosdaq Composite vs. SK Chemicals Co | Kosdaq Composite vs. Korea Shipbuilding Offshore |
| Chorokbaem Healthcare vs. AptaBio Therapeutics | Chorokbaem Healthcare vs. KT Hitel | Chorokbaem Healthcare vs. SillaJen | Chorokbaem Healthcare vs. Cytogen |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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