Correlation Between Hana Microelectronics and BuzzFeed
Can any of the company-specific risk be diversified away by investing in both Hana Microelectronics and BuzzFeed 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 Hana Microelectronics and BuzzFeed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hana Microelectronics Public and BuzzFeed, you can compare the effects of market volatilities on Hana Microelectronics and BuzzFeed 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 Hana Microelectronics with a short position of BuzzFeed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hana Microelectronics and BuzzFeed.
Diversification Opportunities for Hana Microelectronics and BuzzFeed
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hana and BuzzFeed is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Hana Microelectronics Public and BuzzFeed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BuzzFeed and Hana Microelectronics 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 Hana Microelectronics Public are associated (or correlated) with BuzzFeed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BuzzFeed has no effect on the direction of Hana Microelectronics i.e., Hana Microelectronics and BuzzFeed go up and down completely randomly.
Pair Corralation between Hana Microelectronics and BuzzFeed
Assuming the 90 days horizon Hana Microelectronics Public is expected to generate 0.02 times more return on investment than BuzzFeed. However, Hana Microelectronics Public is 57.35 times less risky than BuzzFeed. It trades about 0.12 of its potential returns per unit of risk. BuzzFeed is currently generating about -0.09 per unit of risk. If you would invest 59.00 in Hana Microelectronics Public on September 7, 2025 and sell it today you would earn a total of 1.00 from holding Hana Microelectronics Public or generate 1.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 70.77% |
| Values | Daily Returns |
Hana Microelectronics Public vs. BuzzFeed
Performance |
| Timeline |
| Hana Microelectronics |
| BuzzFeed |
Hana Microelectronics and BuzzFeed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hana Microelectronics and BuzzFeed
The main advantage of trading using opposite Hana Microelectronics and BuzzFeed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hana Microelectronics position performs unexpectedly, BuzzFeed 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 BuzzFeed will offset losses from the drop in BuzzFeed's long position.| Hana Microelectronics vs. NVIDIA | Hana Microelectronics vs. Apple Inc | Hana Microelectronics vs. Alphabet Inc Class C | Hana Microelectronics vs. Microsoft |
| BuzzFeed vs. T Mobile US, 5500 | BuzzFeed vs. DATA Communications Management | BuzzFeed vs. Costco Wholesale Corp | BuzzFeed vs. Wireless Xcessories Group |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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