Correlation Between AUTHUM INVESTMENT and Barbeque Nation
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By analyzing existing cross correlation between AUTHUM INVESTMENT INFRASTRUCTU and Barbeque Nation Hospitality, you can compare the effects of market volatilities on AUTHUM INVESTMENT and Barbeque Nation 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 AUTHUM INVESTMENT with a short position of Barbeque Nation. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUTHUM INVESTMENT and Barbeque Nation.
Diversification Opportunities for AUTHUM INVESTMENT and Barbeque Nation
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between AUTHUM and Barbeque is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding AUTHUM INVESTMENT INFRASTRUCTU and Barbeque Nation Hospitality in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barbeque Nation Hosp and AUTHUM INVESTMENT 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 AUTHUM INVESTMENT INFRASTRUCTU are associated (or correlated) with Barbeque Nation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barbeque Nation Hosp has no effect on the direction of AUTHUM INVESTMENT i.e., AUTHUM INVESTMENT and Barbeque Nation go up and down completely randomly.
Pair Corralation between AUTHUM INVESTMENT and Barbeque Nation
Assuming the 90 days trading horizon AUTHUM INVESTMENT INFRASTRUCTU is expected to generate 2.02 times more return on investment than Barbeque Nation. However, AUTHUM INVESTMENT is 2.02 times more volatile than Barbeque Nation Hospitality. It trades about -0.02 of its potential returns per unit of risk. Barbeque Nation Hospitality is currently generating about -0.57 per unit of risk. If you would invest 182,755 in AUTHUM INVESTMENT INFRASTRUCTU on October 17, 2024 and sell it today you would lose (5,425) from holding AUTHUM INVESTMENT INFRASTRUCTU or give up 2.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AUTHUM INVESTMENT INFRASTRUCTU vs. Barbeque Nation Hospitality
Performance |
| Timeline |
| AUTHUM INVESTMENT |
| Barbeque Nation Hosp |
AUTHUM INVESTMENT and Barbeque Nation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUTHUM INVESTMENT and Barbeque Nation
The main advantage of trading using opposite AUTHUM INVESTMENT and Barbeque Nation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUTHUM INVESTMENT position performs unexpectedly, Barbeque Nation 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 Barbeque Nation will offset losses from the drop in Barbeque Nation's long position.| AUTHUM INVESTMENT vs. Dhunseri Investments Limited | AUTHUM INVESTMENT vs. Tata Communications Limited | AUTHUM INVESTMENT vs. Pilani Investment and | AUTHUM INVESTMENT vs. Kalyani Investment |
| Barbeque Nation vs. Aban Offshore Limited | Barbeque Nation vs. Future Retail Limited | Barbeque Nation vs. Welspun Investments and | Barbeque Nation vs. AUTHUM INVESTMENT INFRASTRUCTU |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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