Correlation Between Akme Fintrade and Praxis Home
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By analyzing existing cross correlation between Akme Fintrade India and Praxis Home Retail, you can compare the effects of market volatilities on Akme Fintrade and Praxis Home 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 Akme Fintrade with a short position of Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akme Fintrade and Praxis Home.
Diversification Opportunities for Akme Fintrade and Praxis Home
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Akme and Praxis is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Akme Fintrade India and Praxis Home Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Praxis Home Retail and Akme Fintrade 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 Akme Fintrade India are associated (or correlated) with Praxis Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Praxis Home Retail has no effect on the direction of Akme Fintrade i.e., Akme Fintrade and Praxis Home go up and down completely randomly.
Pair Corralation between Akme Fintrade and Praxis Home
Assuming the 90 days trading horizon Akme Fintrade India is expected to under-perform the Praxis Home. But the stock apears to be less risky and, when comparing its historical volatility, Akme Fintrade India is 1.04 times less risky than Praxis Home. The stock trades about -0.09 of its potential returns per unit of risk. The Praxis Home Retail is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 3,085 in Praxis Home Retail on August 30, 2024 and sell it today you would lose (807.00) from holding Praxis Home Retail or give up 26.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 22.38% |
| Values | Daily Returns |
Akme Fintrade India vs. Praxis Home Retail
Performance |
| Timeline |
| Akme Fintrade India |
| Praxis Home Retail |
Akme Fintrade and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akme Fintrade and Praxis Home
The main advantage of trading using opposite Akme Fintrade and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akme Fintrade position performs unexpectedly, Praxis Home 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 Praxis Home will offset losses from the drop in Praxis Home's long position.| Akme Fintrade vs. Power Finance | Akme Fintrade vs. Cholamandalam Investment and | Akme Fintrade vs. Indo Borax Chemicals | Akme Fintrade vs. Kingfa Science Technology |
| Praxis Home vs. Hemisphere Properties India | Praxis Home vs. India Glycols Limited | Praxis Home vs. Indo Borax Chemicals | Praxis Home vs. Kingfa Science Technology |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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