Correlation Between Kosdaq Composite and N2Tech
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By analyzing existing cross correlation between Kosdaq Composite Index and N2Tech Co, you can compare the effects of market volatilities on Kosdaq Composite and N2Tech 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 N2Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and N2Tech.
Diversification Opportunities for Kosdaq Composite and N2Tech
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kosdaq and N2Tech is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and N2Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on N2Tech 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 N2Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of N2Tech has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and N2Tech go up and down completely randomly.
Pair Corralation between Kosdaq Composite and N2Tech
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.97 times more return on investment than N2Tech. However, Kosdaq Composite Index is 1.03 times less risky than N2Tech. It trades about 0.14 of its potential returns per unit of risk. N2Tech Co is currently generating about 0.04 per unit of risk. If you would invest 69,373 in Kosdaq Composite Index on October 14, 2024 and sell it today you would earn a total of 2,416 from holding Kosdaq Composite Index or generate 3.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kosdaq Composite Index vs. N2Tech Co
Performance |
| Timeline |
Kosdaq Composite and N2Tech Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
N2Tech Co
Pair trading matchups for N2Tech
Pair Trading with Kosdaq Composite and N2Tech
The main advantage of trading using opposite Kosdaq Composite and N2Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, N2Tech 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 N2Tech will offset losses from the drop in N2Tech's long position.| Kosdaq Composite vs. Shinsegae Food | Kosdaq Composite vs. Digital Multimedia Technology | Kosdaq Composite vs. Cube Entertainment | Kosdaq Composite vs. Tway Air Co |
| N2Tech vs. Iljin Display | N2Tech vs. Chorokbaem Healthcare Co | N2Tech vs. Infinitt Healthcare Co | N2Tech vs. INFINITT Healthcare 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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