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Correlation Between Nasdaq US and SK Innovation

Analyzing existing cross correlation between Nasdaq US Small Cap Growth NTR and SK Innovation. You can compare the effects of market volatilities on Nasdaq US and SK Innovation 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 Nasdaq US with a short position of SK Innovation. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nasdaq US and SK Innovation.

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Diversification Opportunities for Nasdaq US and SK Innovation

Nasdaq US Small Cap Growth NTR diversification synergy
-0.25
NQU
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Very good diversification

The 3 months correlation between Nasdaq and 096770 is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq US Small Cap Growth NTR and SK Innovation in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SK Innovation and Nasdaq US 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 Nasdaq US Small Cap Growth NTR are associated (or correlated) with SK Innovation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SK Innovation has no effect on the direction of Nasdaq US i.e. Nasdaq US and SK Innovation go up and down completely randomly.
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Pair Corralation between Nasdaq US and SK Innovation

Assuming 30 trading days horizon, Nasdaq US Small Cap Growth NTR is expected to generate 0.65 times more return on investment than SK Innovation. However, Nasdaq US Small Cap Growth NTR is 1.54 times less risky than SK Innovation. It trades about 0.02 of its potential returns per unit of risk. SK Innovation is currently generating about -0.16 per unit of risk. If you would invest  171,362  in Nasdaq US Small Cap Growth NTR on January 27, 2020 and sell it today you would earn a total of  1,266  from holding Nasdaq US Small Cap Growth NTR or generate 0.74% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy93.55%
ValuesDaily Returns

Nasdaq US Small Cap Growth NTR  vs.  SK Innovation

 Performance (%) 
    
  Timeline 
 Predicted Return Density 
    
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