Correlation Between Ascendas India and Agritek Holdings
Can any of the company-specific risk be diversified away by investing in both Ascendas India and Agritek Holdings 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 Ascendas India and Agritek Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ascendas India Trust and Agritek Holdings, you can compare the effects of market volatilities on Ascendas India and Agritek Holdings 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 Ascendas India with a short position of Agritek Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ascendas India and Agritek Holdings.
Diversification Opportunities for Ascendas India and Agritek Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ascendas and Agritek is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ascendas India Trust and Agritek Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agritek Holdings and Ascendas 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 Ascendas India Trust are associated (or correlated) with Agritek Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agritek Holdings has no effect on the direction of Ascendas India i.e., Ascendas India and Agritek Holdings go up and down completely randomly.
Pair Corralation between Ascendas India and Agritek Holdings
If you would invest 78.00 in Ascendas India Trust on August 29, 2024 and sell it today you would lose (1.00) from holding Ascendas India Trust or give up 1.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 80.41% |
| Values | Daily Returns |
Ascendas India Trust vs. Agritek Holdings
Performance |
| Timeline |
| Ascendas India Trust |
| Agritek Holdings |
Ascendas India and Agritek Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ascendas India and Agritek Holdings
The main advantage of trading using opposite Ascendas India and Agritek Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ascendas India position performs unexpectedly, Agritek Holdings 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 Agritek Holdings will offset losses from the drop in Agritek Holdings' long position.| Ascendas India vs. IRSA Inversiones Y | Ascendas India vs. Anywhere Real Estate | Ascendas India vs. Newmark Group | Ascendas India vs. New York City |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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