Correlation Between 3M India and Page Industries
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By analyzing existing cross correlation between 3M India Limited and Page Industries Limited, you can compare the effects of market volatilities on 3M India and Page Industries 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 3M India with a short position of Page Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of 3M India and Page Industries.
Diversification Opportunities for 3M India and Page Industries
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 3MINDIA and Page is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding 3M India Limited and Page Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Page Industries and 3M India 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 3M India Limited are associated (or correlated) with Page Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Page Industries has no effect on the direction of 3M India i.e., 3M India and Page Industries go up and down completely randomly.
Pair Corralation between 3M India and Page Industries
Assuming the 90 days trading horizon 3M India Limited is expected to generate 1.25 times more return on investment than Page Industries. However, 3M India is 1.25 times more volatile than Page Industries Limited. It trades about 0.05 of its potential returns per unit of risk. Page Industries Limited is currently generating about 0.01 per unit of risk. If you would invest 2,263,937 in 3M India Limited on August 30, 2024 and sell it today you would earn a total of 910,393 from holding 3M India Limited or generate 40.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.59% |
| Values | Daily Returns |
3M India Limited vs. Page Industries Limited
Performance |
| Timeline |
| 3M India Limited |
| Page Industries |
3M India and Page Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 3M India and Page Industries
The main advantage of trading using opposite 3M India and Page Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 3M India position performs unexpectedly, Page Industries 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 Page Industries will offset losses from the drop in Page Industries' long position.| 3M India vs. Clean Science and | 3M India vs. Welspun Investments and | 3M India vs. Tata Investment | 3M India vs. Radiant Cash Management |
| Page Industries vs. Oriental Hotels Limited | Page Industries vs. Lemon Tree Hotels | Page Industries vs. Juniper Hotels | Page Industries vs. Samhi Hotels Limited |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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