Correlation Analysis Between Hamilton Beach and LG Display

Analyzing existing cross correlation between Hamilton Beach Brands Holding C and LG Display Co Ltd AMERICAN DEP. You can compare the effects of market volatilities on Hamilton Beach and LG Display 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 Hamilton Beach with a short position of LG Display. See also your portfolio center. Please also check ongoing floating volatility patterns of Hamilton Beach and LG Display.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Hamilton Beach Brands  
00

Risk-Adjusted Performance

Over the last 30 days Hamilton Beach Brands Holding C has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Hamilton Beach is not utilizing all of its potentials. The existing stock price disturbance, may contribute to short term losses for the investors.
LG Display  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LG Display Co Ltd AMERICAN DEP are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, LG Display may actually be approaching a critical reversion point that can send shares even higher in February 2020.

Hamilton Beach and LG Display Volatility Contrast

 Predicted Return Density 
    
  Returns 

Hamilton Beach Brands Holding   vs.  LG Display Co Ltd AMERICAN DEP

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, Hamilton Beach Brands Holding C is expected to under-perform the LG Display. But the stock apears to be less risky and, when comparing its historical volatility, Hamilton Beach Brands Holding C is 1.54 times less risky than LG Display. The stock trades about -0.01 of its potential returns per unit of risk. The LG Display Co Ltd AMERICAN DEP is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  624.00  in LG Display Co Ltd AMERICAN DEP on December 18, 2019 and sell it today you would earn a total of  58.00  from holding LG Display Co Ltd AMERICAN DEP or generate 9.29% return on investment over 30 days.

Pair Corralation between Hamilton Beach and LG Display

-0.12
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Hamilton Beach and LG Display

Hamilton Beach Brands Holding  diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Beach Brands Holding and LG Display Co Ltd AMERICAN DEP in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on LG Display and Hamilton Beach 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 Hamilton Beach Brands Holding C are associated (or correlated) with LG Display. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LG Display has no effect on the direction of Hamilton Beach i.e. Hamilton Beach and LG Display go up and down completely randomly.
See also your portfolio center. Please also try Insider Screener module to find insiders across different sectors to evaluate their impact on performance.