Correlation Between Samsung Electronics and MyHealthChecked Plc
Can any of the company-specific risk be diversified away by investing in both Samsung Electronics and MyHealthChecked Plc at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Samsung Electronics and MyHealthChecked Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Samsung Electronics Co and MyHealthChecked Plc, you can compare the effects of market volatilities on Samsung Electronics and MyHealthChecked Plc 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 Samsung Electronics with a short position of MyHealthChecked Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samsung Electronics and MyHealthChecked Plc.
Diversification Opportunities for Samsung Electronics and MyHealthChecked Plc
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Samsung and MyHealthChecked is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Samsung Electronics Co and MyHealthChecked Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MyHealthChecked Plc and Samsung Electronics 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 Samsung Electronics Co are associated (or correlated) with MyHealthChecked Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MyHealthChecked Plc has no effect on the direction of Samsung Electronics i.e., Samsung Electronics and MyHealthChecked Plc go up and down completely randomly.
Pair Corralation between Samsung Electronics and MyHealthChecked Plc
Assuming the 90 days trading horizon Samsung Electronics Co is expected to generate 0.93 times more return on investment than MyHealthChecked Plc. However, Samsung Electronics Co is 1.07 times less risky than MyHealthChecked Plc. It trades about 0.01 of its potential returns per unit of risk. MyHealthChecked Plc is currently generating about -0.1 per unit of risk. If you would invest 88,300 in Samsung Electronics Co on August 29, 2024 and sell it today you would lose (100.00) from holding Samsung Electronics Co or give up 0.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Samsung Electronics Co vs. MyHealthChecked Plc
Performance |
| Timeline |
| Samsung Electronics |
| MyHealthChecked Plc |
Samsung Electronics and MyHealthChecked Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Samsung Electronics and MyHealthChecked Plc
The main advantage of trading using opposite Samsung Electronics and MyHealthChecked Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samsung Electronics position performs unexpectedly, MyHealthChecked Plc 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 MyHealthChecked Plc will offset losses from the drop in MyHealthChecked Plc's long position.| Samsung Electronics vs. Toyota Motor Corp | Samsung Electronics vs. SoftBank Group Corp | Samsung Electronics vs. OTP Bank Nyrt | Samsung Electronics vs. Las Vegas Sands |
| MyHealthChecked Plc vs. Home Depot | MyHealthChecked Plc vs. Weiss Korea Opportunity | MyHealthChecked Plc vs. Chrysalis Investments | MyHealthChecked Plc vs. Coca Cola 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Global Correlations Find global opportunities by holding instruments from different markets |