Correlation Between Armada Hflr and NIIT
Specify exactly 2 symbols:
By analyzing existing cross correlation between Armada Hflr Pr and NIIT Limited, you can compare the effects of market volatilities on Armada Hflr and NIIT 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 Armada Hflr with a short position of NIIT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and NIIT.
Diversification Opportunities for Armada Hflr and NIIT
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Armada and NIIT is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and NIIT Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NIIT Limited and Armada Hflr 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 Armada Hflr Pr are associated (or correlated) with NIIT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIIT Limited has no effect on the direction of Armada Hflr i.e., Armada Hflr and NIIT go up and down completely randomly.
Pair Corralation between Armada Hflr and NIIT
Considering the 90-day investment horizon Armada Hflr is expected to generate 5.57 times less return on investment than NIIT. But when comparing it to its historical volatility, Armada Hflr Pr is 2.16 times less risky than NIIT. It trades about 0.03 of its potential returns per unit of risk. NIIT Limited is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 11,138 in NIIT Limited on September 19, 2024 and sell it today you would earn a total of 8,972 from holding NIIT Limited or generate 80.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.93% |
| Values | Daily Returns |
Armada Hflr Pr vs. NIIT Limited
Performance |
| Timeline |
| Armada Hflr Pr |
| NIIT Limited |
Armada Hflr and NIIT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Armada Hflr and NIIT
The main advantage of trading using opposite Armada Hflr and NIIT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, NIIT 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 NIIT will offset losses from the drop in NIIT's long position.| Armada Hflr vs. Modiv Inc | Armada Hflr vs. Precinct Properties New | Armada Hflr vs. Global Net Lease | Armada Hflr vs. NexPoint Diversified Real |
| NIIT vs. Royal Orchid Hotels | NIIT vs. LT Technology Services | NIIT vs. The Indian Hotels | NIIT vs. Chalet 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |