Correlation Between Samsung Biologics and BitNine
Can any of the company-specific risk be diversified away by investing in both Samsung Biologics and BitNine 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 Samsung Biologics and BitNine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Samsung Biologics Co and BitNine Co, you can compare the effects of market volatilities on Samsung Biologics and BitNine 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 Samsung Biologics with a short position of BitNine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samsung Biologics and BitNine.
Diversification Opportunities for Samsung Biologics and BitNine
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Samsung and BitNine is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Samsung Biologics Co and BitNine Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BitNine and Samsung Biologics 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 Samsung Biologics Co are associated (or correlated) with BitNine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitNine has no effect on the direction of Samsung Biologics i.e., Samsung Biologics and BitNine go up and down completely randomly.
Pair Corralation between Samsung Biologics and BitNine
If you would invest 100,000,000 in Samsung Biologics Co on December 11, 2024 and sell it today you would earn a total of 0.00 from holding Samsung Biologics Co or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Samsung Biologics Co vs. BitNine Co
Performance |
Timeline |
Samsung Biologics |
BitNine |
Samsung Biologics and BitNine Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Samsung Biologics and BitNine
The main advantage of trading using opposite Samsung Biologics and BitNine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samsung Biologics position performs unexpectedly, BitNine 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 BitNine will offset losses from the drop in BitNine's long position.Samsung Biologics vs. AurosTechnology | Samsung Biologics vs. Seers Technology | Samsung Biologics vs. Histeel | Samsung Biologics vs. Automobile Pc |
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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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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