Correlation Between Kosdaq Composite and T Scientific
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By analyzing existing cross correlation between Kosdaq Composite Index and T Scientific CoLtd, you can compare the effects of market volatilities on Kosdaq Composite and T Scientific 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 T Scientific. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and T Scientific.
Diversification Opportunities for Kosdaq Composite and T Scientific
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kosdaq and 057680 is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and T Scientific CoLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on T Scientific CoLtd 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 T Scientific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of T Scientific CoLtd has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and T Scientific go up and down completely randomly.
Pair Corralation between Kosdaq Composite and T Scientific
Assuming the 90 days trading horizon Kosdaq Composite Index is expected to generate 0.52 times more return on investment than T Scientific. However, Kosdaq Composite Index is 1.93 times less risky than T Scientific. It trades about -0.17 of its potential returns per unit of risk. T Scientific CoLtd is currently generating about -0.3 per unit of risk. If you would invest 91,245 in Kosdaq Composite Index on February 1, 2024 and sell it today you would lose (4,352) from holding Kosdaq Composite Index or give up 4.77% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kosdaq Composite Index vs. T Scientific CoLtd
Performance |
Timeline |
Kosdaq Composite and T Scientific Volatility Contrast
Predicted Return Density |
Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
T Scientific CoLtd
Pair trading matchups for T Scientific
Pair Trading with Kosdaq Composite and T Scientific
The main advantage of trading using opposite Kosdaq Composite and T Scientific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, T Scientific 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 T Scientific will offset losses from the drop in T Scientific's long position.Kosdaq Composite vs. Atinum Investment Co | Kosdaq Composite vs. LB Investment | Kosdaq Composite vs. Korea Shipbuilding Offshore | Kosdaq Composite vs. Display Tech Co |
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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 Stocks Directory module to find actively traded stocks across global markets.
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