Correlation Between Kosdaq Composite and Sk Biopharmaceutica
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By analyzing existing cross correlation between Kosdaq Composite Index and Sk Biopharmaceuticals Co, you can compare the effects of market volatilities on Kosdaq Composite and Sk Biopharmaceutica 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 Sk Biopharmaceutica. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Sk Biopharmaceutica.
Diversification Opportunities for Kosdaq Composite and Sk Biopharmaceutica
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kosdaq and 326030 is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Sk Biopharmaceuticals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sk Biopharmaceuticals 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 Sk Biopharmaceutica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sk Biopharmaceuticals has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Sk Biopharmaceutica go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Sk Biopharmaceutica
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to under-perform the Sk Biopharmaceutica. But the index apears to be less risky and, when comparing its historical volatility, Kosdaq Composite Index is 1.7 times less risky than Sk Biopharmaceutica. The index trades about -0.04 of its potential returns per unit of risk. The Sk Biopharmaceuticals Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 7,390,000 in Sk Biopharmaceuticals Co on September 1, 2024 and sell it today you would earn a total of 2,950,000 from holding Sk Biopharmaceuticals Co or generate 39.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.72% |
| Values | Daily Returns |
Kosdaq Composite Index vs. Sk Biopharmaceuticals Co
Performance |
| Timeline |
Kosdaq Composite and Sk Biopharmaceutica Volatility Contrast
Predicted Return Density |
| Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Sk Biopharmaceuticals Co
Pair trading matchups for Sk Biopharmaceutica
Pair Trading with Kosdaq Composite and Sk Biopharmaceutica
The main advantage of trading using opposite Kosdaq Composite and Sk Biopharmaceutica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Sk Biopharmaceutica 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 Sk Biopharmaceutica will offset losses from the drop in Sk Biopharmaceutica's long position.| Kosdaq Composite vs. Golden Bridge Investment | Kosdaq Composite vs. Lotte Data Communication | Kosdaq Composite vs. E Investment Development | Kosdaq Composite vs. Stic Investments |
| Sk Biopharmaceutica vs. SK Bioscience Co | Sk Biopharmaceutica vs. MedPacto | Sk Biopharmaceutica vs. Prestige Biologics Co | Sk Biopharmaceutica vs. OliX PharmaceuticalsInc |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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