Correlation Between Kosdaq Composite and Maniker FG
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By analyzing existing cross correlation between Kosdaq Composite Index and Maniker FG Co, you can compare the effects of market volatilities on Kosdaq Composite and Maniker FG 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 Maniker FG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Maniker FG.
Diversification Opportunities for Kosdaq Composite and Maniker FG
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kosdaq and Maniker is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Maniker FG Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maniker FG 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 Maniker FG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maniker FG has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Maniker FG go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Maniker FG
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to under-perform the Maniker FG. But the index apears to be less risky and, when comparing its historical volatility, Kosdaq Composite Index is 1.02 times less risky than Maniker FG. The index trades about -0.22 of its potential returns per unit of risk. The Maniker FG Co is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 294,500 in Maniker FG Co on August 31, 2024 and sell it today you would lose (15,000) from holding Maniker FG Co or give up 5.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Maniker FG Co
Performance |
| Timeline |
Kosdaq Composite and Maniker FG Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Maniker FG Co
Pair trading matchups for Maniker FG
Pair Trading with Kosdaq Composite and Maniker FG
The main advantage of trading using opposite Kosdaq Composite and Maniker FG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Maniker FG 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 Maniker FG will offset losses from the drop in Maniker FG'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 |
| Maniker FG vs. DataSolution | Maniker FG vs. Korea Information Engineering | Maniker FG vs. Shinsung Delta Tech | Maniker FG vs. FNSTech 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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