Correlation Between AGI Greenpac and TTK Healthcare
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By analyzing existing cross correlation between AGI Greenpac Limited and TTK Healthcare Limited, you can compare the effects of market volatilities on AGI Greenpac and TTK Healthcare 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 TTK Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGI Greenpac and TTK Healthcare.
Diversification Opportunities for AGI Greenpac and TTK Healthcare
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between AGI and TTK is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding AGI Greenpac Limited and TTK Healthcare Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TTK Healthcare 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 TTK Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TTK Healthcare has no effect on the direction of AGI Greenpac i.e., AGI Greenpac and TTK Healthcare go up and down completely randomly.
Pair Corralation between AGI Greenpac and TTK Healthcare
Assuming the 90 days trading horizon AGI Greenpac Limited is expected to generate 78.13 times more return on investment than TTK Healthcare. However, AGI Greenpac is 78.13 times more volatile than TTK Healthcare Limited. It trades about 0.14 of its potential returns per unit of risk. TTK Healthcare Limited is currently generating about 0.05 per unit of risk. If you would invest 30,968 in AGI Greenpac Limited on September 4, 2024 and sell it today you would earn a total of 74,262 from holding AGI Greenpac Limited or generate 239.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.99% |
| Values | Daily Returns |
AGI Greenpac Limited vs. TTK Healthcare Limited
Performance |
| Timeline |
| AGI Greenpac Limited |
| TTK Healthcare |
AGI Greenpac and TTK Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGI Greenpac and TTK Healthcare
The main advantage of trading using opposite AGI Greenpac and TTK Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGI Greenpac position performs unexpectedly, TTK Healthcare 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 TTK Healthcare will offset losses from the drop in TTK Healthcare's long position.| AGI Greenpac vs. SIL Investments Limited | AGI Greenpac vs. Jindal Poly Investment | AGI Greenpac vs. Industrial Investment Trust | AGI Greenpac vs. One 97 Communications |
| TTK Healthcare vs. Sukhjit Starch Chemicals | TTK Healthcare vs. Himadri Speciality Chemical | TTK Healthcare vs. Lotus Eye Hospital | TTK Healthcare vs. Can Fin Homes |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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