Correlation Between Kosdaq Composite and FINEDIGITAL
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By analyzing existing cross correlation between Kosdaq Composite Index and FINEDIGITAL, you can compare the effects of market volatilities on Kosdaq Composite and FINEDIGITAL 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 FINEDIGITAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and FINEDIGITAL.
Diversification Opportunities for Kosdaq Composite and FINEDIGITAL
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kosdaq and FINEDIGITAL is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and FINEDIGITAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FINEDIGITAL 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 FINEDIGITAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FINEDIGITAL has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and FINEDIGITAL go up and down completely randomly.
Pair Corralation between Kosdaq Composite and FINEDIGITAL
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.71 times more return on investment than FINEDIGITAL. However, Kosdaq Composite Index is 1.41 times less risky than FINEDIGITAL. It trades about -0.03 of its potential returns per unit of risk. FINEDIGITAL is currently generating about -0.13 per unit of risk. If you would invest 87,229 in Kosdaq Composite Index on February 5, 2024 and sell it today you would lose (670.00) from holding Kosdaq Composite Index or give up 0.77% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kosdaq Composite Index vs. FINEDIGITAL
Performance |
Timeline |
Kosdaq Composite and FINEDIGITAL Volatility Contrast
Predicted Return Density |
Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
FINEDIGITAL
Pair trading matchups for FINEDIGITAL
Pair Trading with Kosdaq Composite and FINEDIGITAL
The main advantage of trading using opposite Kosdaq Composite and FINEDIGITAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, FINEDIGITAL 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 FINEDIGITAL will offset losses from the drop in FINEDIGITAL's long position.Kosdaq Composite vs. IC Technology Co | Kosdaq Composite vs. LG Household Healthcare | Kosdaq Composite vs. Vissem Electronics Co | Kosdaq Composite vs. Seoul Electronics Telecom |
FINEDIGITAL vs. Soulbrain Holdings Co | FINEDIGITAL vs. NICE Total Cash | FINEDIGITAL vs. Geumhwa Plant Service | FINEDIGITAL vs. AfreecaTV 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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