Correlation Between WHITE and ASE Industrial
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By analyzing existing cross correlation between WHITE CAP BUYER and ASE Industrial Holding, you can compare the effects of market volatilities on WHITE and ASE Industrial 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 WHITE with a short position of ASE Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of WHITE and ASE Industrial.
Diversification Opportunities for WHITE and ASE Industrial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between WHITE and ASE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WHITE CAP BUYER and ASE Industrial Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASE Industrial Holding and WHITE 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 WHITE CAP BUYER are associated (or correlated) with ASE Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASE Industrial Holding has no effect on the direction of WHITE i.e., WHITE and ASE Industrial go up and down completely randomly.
Pair Corralation between WHITE and ASE Industrial
If you would invest 1,012 in ASE Industrial Holding on October 24, 2024 and sell it today you would earn a total of 40.00 from holding ASE Industrial Holding or generate 3.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
WHITE CAP BUYER vs. ASE Industrial Holding
Performance |
| Timeline |
| WHITE CAP BUYER |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ASE Industrial Holding |
WHITE and ASE Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WHITE and ASE Industrial
The main advantage of trading using opposite WHITE and ASE Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WHITE position performs unexpectedly, ASE Industrial 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 ASE Industrial will offset losses from the drop in ASE Industrial's long position.The idea behind WHITE CAP BUYER and ASE Industrial Holding pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| ASE Industrial vs. United Microelectronics | ASE Industrial vs. Amkor Technology | ASE Industrial vs. Himax Technologies | ASE Industrial vs. Chunghwa Telecom 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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