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rohitdoshi

I have a portfoio worth $100,000. My existing portfolio's Sharpe Ratio is 0.12. I am thinking of taking another stock into my portfolio whose Sharpe Ratio is 0.10. I have calculated that the Correlation between my existing portfolio and the new stock is 0.3.

Can I take the new stock into my portfolio, if I do what will be the Sharpe Ratio of my new portfoio? Also, if I decide to take the new stock into my portfolio, what will be the optimal weightage ratio of that new stock and my existing portfoio so that the new Sharpe Ratio is maximum?