Correlation Between Apna Microfinance and JS Global
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By analyzing existing cross correlation between Apna Microfinance Bank and JS Global Banking, you can compare the effects of market volatilities on Apna Microfinance and JS Global 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 Apna Microfinance with a short position of JS Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apna Microfinance and JS Global.
Diversification Opportunities for Apna Microfinance and JS Global
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apna and JSGBETF is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Apna Microfinance Bank and JS Global Banking in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JS Global Banking and Apna Microfinance 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 Apna Microfinance Bank are associated (or correlated) with JS Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JS Global Banking has no effect on the direction of Apna Microfinance i.e., Apna Microfinance and JS Global go up and down completely randomly.
Pair Corralation between Apna Microfinance and JS Global
Assuming the 90 days trading horizon Apna Microfinance Bank is expected to under-perform the JS Global. But the stock apears to be less risky and, when comparing its historical volatility, Apna Microfinance Bank is 9.44 times less risky than JS Global. The stock trades about -0.26 of its potential returns per unit of risk. The JS Global Banking is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,843 in JS Global Banking on August 24, 2024 and sell it today you would earn a total of 83.00 from holding JS Global Banking or generate 4.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 71.43% |
| Values | Daily Returns |
Apna Microfinance Bank vs. JS Global Banking
Performance |
| Timeline |
| Apna Microfinance Bank |
| JS Global Banking |
Apna Microfinance and JS Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apna Microfinance and JS Global
The main advantage of trading using opposite Apna Microfinance and JS Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apna Microfinance position performs unexpectedly, JS Global 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 JS Global will offset losses from the drop in JS Global's long position.| Apna Microfinance vs. Habib Insurance | Apna Microfinance vs. Ghandhara Automobile | Apna Microfinance vs. Century Insurance | Apna Microfinance vs. Reliance Weaving Mills |
| JS Global vs. Habib Insurance | JS Global vs. Ghandhara Automobile | JS Global vs. Century Insurance | JS Global vs. Reliance Weaving Mills |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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