Correlation Between Ankit Metal and City Union
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By analyzing existing cross correlation between Ankit Metal Power and City Union Bank, you can compare the effects of market volatilities on Ankit Metal and City Union 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 Ankit Metal with a short position of City Union. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ankit Metal and City Union.
Diversification Opportunities for Ankit Metal and City Union
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Ankit and City is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Ankit Metal Power and City Union Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on City Union Bank and Ankit Metal 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 Ankit Metal Power are associated (or correlated) with City Union. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of City Union Bank has no effect on the direction of Ankit Metal i.e., Ankit Metal and City Union go up and down completely randomly.
Pair Corralation between Ankit Metal and City Union
Assuming the 90 days trading horizon Ankit Metal is expected to generate 8.97 times less return on investment than City Union. In addition to that, Ankit Metal is 1.46 times more volatile than City Union Bank. It trades about 0.0 of its total potential returns per unit of risk. City Union Bank is currently generating about 0.06 per unit of volatility. If you would invest 12,417 in City Union Bank on August 31, 2024 and sell it today you would earn a total of 5,536 from holding City Union Bank or generate 44.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.08% |
| Values | Daily Returns |
Ankit Metal Power vs. City Union Bank
Performance |
| Timeline |
| Ankit Metal Power |
| City Union Bank |
Ankit Metal and City Union Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ankit Metal and City Union
The main advantage of trading using opposite Ankit Metal and City Union positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ankit Metal position performs unexpectedly, City Union 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 City Union will offset losses from the drop in City Union's long position.| Ankit Metal vs. NMDC Limited | Ankit Metal vs. Steel Authority of | Ankit Metal vs. Gujarat Narmada Valley | Ankit Metal vs. JTL Industries |
| City Union vs. ICICI Securities Limited | City Union vs. Nippon Life India | City Union vs. Fortis Healthcare Limited | City Union vs. ICICI Lombard General |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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