Correlation Between Kosdaq Composite and THiRA-UTECH
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By analyzing existing cross correlation between Kosdaq Composite Index and THiRA UTECH LTD, you can compare the effects of market volatilities on Kosdaq Composite and THiRA-UTECH 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 THiRA-UTECH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and THiRA-UTECH.
Diversification Opportunities for Kosdaq Composite and THiRA-UTECH
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kosdaq and THiRA-UTECH is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and THiRA UTECH LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on THiRA UTECH LTD 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 THiRA-UTECH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of THiRA UTECH LTD has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and THiRA-UTECH go up and down completely randomly.
Pair Corralation between Kosdaq Composite and THiRA-UTECH
Assuming the 90 days trading horizon Kosdaq Composite is expected to generate 32.89 times less return on investment than THiRA-UTECH. But when comparing it to its historical volatility, Kosdaq Composite Index is 3.32 times less risky than THiRA-UTECH. It trades about 0.01 of its potential returns per unit of risk. THiRA UTECH LTD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 231,333 in THiRA UTECH LTD on September 14, 2024 and sell it today you would earn a total of 244,167 from holding THiRA UTECH LTD or generate 105.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kosdaq Composite Index vs. THiRA UTECH LTD
Performance |
| Timeline |
Kosdaq Composite and THiRA-UTECH Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
THiRA UTECH LTD
Pair trading matchups for THiRA-UTECH
Pair Trading with Kosdaq Composite and THiRA-UTECH
The main advantage of trading using opposite Kosdaq Composite and THiRA-UTECH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, THiRA-UTECH 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 THiRA-UTECH will offset losses from the drop in THiRA-UTECH's long position.| Kosdaq Composite vs. Nice Information Telecommunication | Kosdaq Composite vs. Seoul Electronics Telecom | Kosdaq Composite vs. Korea Information Communications | Kosdaq Composite vs. Mobile Appliance |
| THiRA-UTECH vs. Kakao Games Corp | THiRA-UTECH vs. Devsisters corporation | THiRA-UTECH vs. Konan Technology | THiRA-UTECH vs. Nice Information Telecommunication |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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