Correlation Between Kosdaq Composite and Nobland International
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By analyzing existing cross correlation between Kosdaq Composite Index and Nobland International, you can compare the effects of market volatilities on Kosdaq Composite and Nobland International 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 Nobland International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Nobland International.
Diversification Opportunities for Kosdaq Composite and Nobland International
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Kosdaq and Nobland is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Nobland International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nobland International 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 Nobland International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nobland International has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Nobland International go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Nobland International
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.31 times more return on investment than Nobland International. However, Kosdaq Composite Index is 3.18 times less risky than Nobland International. It trades about -0.02 of its potential returns per unit of risk. Nobland International is currently generating about -0.03 per unit of risk. If you would invest 76,037 in Kosdaq Composite Index on November 2, 2024 and sell it today you would lose (3,163) from holding Kosdaq Composite Index or give up 4.16% 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. Nobland International
Performance |
| Timeline |
Kosdaq Composite and Nobland International Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Nobland International
Pair trading matchups for Nobland International
Pair Trading with Kosdaq Composite and Nobland International
The main advantage of trading using opposite Kosdaq Composite and Nobland International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Nobland International 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 Nobland International will offset losses from the drop in Nobland International's long position.| Kosdaq Composite vs. ABOV Semiconductor Co | Kosdaq Composite vs. YeaRimDang Publishing Co | Kosdaq Composite vs. ITM Semiconductor Co | Kosdaq Composite vs. Hana Financial |
| Nobland International vs. Samsung Electronics Co | Nobland International vs. Samsung Electronics Co | Nobland International vs. LG Energy Solution | Nobland International vs. SK Hynix |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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