Correlation Between Kosdaq Composite and Celltrion
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By analyzing existing cross correlation between Kosdaq Composite Index and Celltrion, you can compare the effects of market volatilities on Kosdaq Composite and Celltrion 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 Celltrion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kosdaq Composite and Celltrion.
Diversification Opportunities for Kosdaq Composite and Celltrion
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kosdaq and Celltrion is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Kosdaq Composite Index and Celltrion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celltrion 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 Celltrion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celltrion has no effect on the direction of Kosdaq Composite i.e., Kosdaq Composite and Celltrion go up and down completely randomly.
Pair Corralation between Kosdaq Composite and Celltrion
Assuming the 90 days trading horizon Kosdaq Composite is expected to generate 5.34 times less return on investment than Celltrion. But when comparing it to its historical volatility, Kosdaq Composite Index is 1.48 times less risky than Celltrion. It trades about 0.01 of its potential returns per unit of risk. Celltrion is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 16,256,800 in Celltrion on September 26, 2024 and sell it today you would earn a total of 3,183,200 from holding Celltrion or generate 19.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 99.79% |
Values | Daily Returns |
Kosdaq Composite Index vs. Celltrion
Performance |
Timeline |
Kosdaq Composite and Celltrion Volatility Contrast
Predicted Return Density |
Returns |
Kosdaq Composite Index
Pair trading matchups for Kosdaq Composite
Celltrion
Pair trading matchups for Celltrion
Pair Trading with Kosdaq Composite and Celltrion
The main advantage of trading using opposite Kosdaq Composite and Celltrion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kosdaq Composite position performs unexpectedly, Celltrion 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 Celltrion will offset losses from the drop in Celltrion's long position.Kosdaq Composite vs. Alton Sports CoLtd | Kosdaq Composite vs. TS Investment Corp | Kosdaq Composite vs. JYP Entertainment Corp | Kosdaq Composite vs. Barunson Entertainment Arts |
Celltrion vs. Gyeongnam Steel Co | Celltrion vs. YG Entertainment | Celltrion vs. i Components Co | Celltrion vs. Nable Communications |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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