Correlation Between AGI Greenpac and SIL Investments
Specify exactly 2 symbols:
By analyzing existing cross correlation between AGI Greenpac Limited and SIL Investments Limited, you can compare the effects of market volatilities on AGI Greenpac and SIL Investments 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 AGI Greenpac with a short position of SIL Investments. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGI Greenpac and SIL Investments.
Diversification Opportunities for AGI Greenpac and SIL Investments
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between AGI and SIL is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding AGI Greenpac Limited and SIL Investments Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SIL Investments and AGI Greenpac 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 AGI Greenpac Limited are associated (or correlated) with SIL Investments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SIL Investments has no effect on the direction of AGI Greenpac i.e., AGI Greenpac and SIL Investments go up and down completely randomly.
Pair Corralation between AGI Greenpac and SIL Investments
Assuming the 90 days trading horizon AGI Greenpac Limited is expected to generate 1.63 times more return on investment than SIL Investments. However, AGI Greenpac is 1.63 times more volatile than SIL Investments Limited. It trades about 0.35 of its potential returns per unit of risk. SIL Investments Limited is currently generating about -0.02 per unit of risk. If you would invest 95,475 in AGI Greenpac Limited on September 12, 2024 and sell it today you would earn a total of 26,895 from holding AGI Greenpac Limited or generate 28.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
AGI Greenpac Limited vs. SIL Investments Limited
Performance |
| Timeline |
| AGI Greenpac Limited |
| SIL Investments |
AGI Greenpac and SIL Investments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGI Greenpac and SIL Investments
The main advantage of trading using opposite AGI Greenpac and SIL Investments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGI Greenpac position performs unexpectedly, SIL Investments 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 SIL Investments will offset losses from the drop in SIL Investments' long position.| AGI Greenpac vs. Steel Authority of | AGI Greenpac vs. Embassy Office Parks | AGI Greenpac vs. Indian Metals Ferro | AGI Greenpac vs. JTL Industries |
| SIL Investments vs. Yes Bank Limited | SIL Investments vs. Indian Oil | SIL Investments vs. Indo Borax Chemicals | SIL Investments 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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |