Correlation Between Kosdaq Composite and Osteonic
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By analyzing existing cross correlation between Kosdaq Composite Index and Osteonic Co, you can compare the effects of market volatilities on Kosdaq Composite and Osteonic 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 Osteonic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Osteonic.
Diversification Opportunities for Kosdaq Composite and Osteonic
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kosdaq and Osteonic is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Osteonic Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osteonic 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 Osteonic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osteonic has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Osteonic go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Osteonic
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.39 times more return on investment than Osteonic. However, Kosdaq Composite Index is 2.56 times less risky than Osteonic. It trades about -0.21 of its potential returns per unit of risk. Osteonic Co is currently generating about -0.09 per unit of risk. If you would invest 76,735 in Kosdaq Composite Index on August 25, 2024 and sell it today you would lose (8,980) from holding Kosdaq Composite Index or give up 11.7% 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. Osteonic Co
Performance |
| Timeline |
Kosdaq Composite and Osteonic Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Osteonic Co
Pair trading matchups for Osteonic
Pair Trading with Kosdaq Composite and Osteonic
The main advantage of trading using opposite Kosdaq Composite and Osteonic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Osteonic 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 Osteonic will offset losses from the drop in Osteonic'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 |
| Osteonic vs. Seegene | Osteonic vs. LabGenomics Co | Osteonic vs. Humasis Co | Osteonic vs. Busan Industrial 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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