Correlation Between AnterogenCoLtd and WOOJUNG BIO
Can any of the company-specific risk be diversified away by investing in both AnterogenCoLtd and WOOJUNG BIO 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 AnterogenCoLtd and WOOJUNG BIO into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AnterogenCoLtd and WOOJUNG BIO, you can compare the effects of market volatilities on AnterogenCoLtd and WOOJUNG BIO 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 AnterogenCoLtd with a short position of WOOJUNG BIO. Check out your portfolio center. Please also check ongoing floating volatility patterns of AnterogenCoLtd and WOOJUNG BIO.
Diversification Opportunities for AnterogenCoLtd and WOOJUNG BIO
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AnterogenCoLtd and WOOJUNG is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding AnterogenCoLtd and WOOJUNG BIO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WOOJUNG BIO and AnterogenCoLtd 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 AnterogenCoLtd are associated (or correlated) with WOOJUNG BIO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WOOJUNG BIO has no effect on the direction of AnterogenCoLtd i.e., AnterogenCoLtd and WOOJUNG BIO go up and down completely randomly.
Pair Corralation between AnterogenCoLtd and WOOJUNG BIO
Assuming the 90 days trading horizon AnterogenCoLtd is expected to generate 0.75 times more return on investment than WOOJUNG BIO. However, AnterogenCoLtd is 1.33 times less risky than WOOJUNG BIO. It trades about 0.02 of its potential returns per unit of risk. WOOJUNG BIO is currently generating about 0.0 per unit of risk. If you would invest 1,465,000 in AnterogenCoLtd on September 24, 2024 and sell it today you would earn a total of 100,000 from holding AnterogenCoLtd or generate 6.83% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
AnterogenCoLtd vs. WOOJUNG BIO
Performance |
Timeline |
AnterogenCoLtd |
WOOJUNG BIO |
AnterogenCoLtd and WOOJUNG BIO Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AnterogenCoLtd and WOOJUNG BIO
The main advantage of trading using opposite AnterogenCoLtd and WOOJUNG BIO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AnterogenCoLtd position performs unexpectedly, WOOJUNG BIO 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 WOOJUNG BIO will offset losses from the drop in WOOJUNG BIO's long position.AnterogenCoLtd vs. Kolon Life Science | AnterogenCoLtd vs. JETEMA Co | AnterogenCoLtd vs. Aminologics CoLtd | AnterogenCoLtd vs. HLB Pharmaceutical 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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