Correlation Between Ankit Metal and ICICI Bank
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By analyzing existing cross correlation between Ankit Metal Power and ICICI Bank Limited, you can compare the effects of market volatilities on Ankit Metal and ICICI Bank 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 ICICI Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ankit Metal and ICICI Bank.
Diversification Opportunities for Ankit Metal and ICICI Bank
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ankit and ICICI is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Ankit Metal Power and ICICI Bank Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICICI Bank Limited 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 ICICI Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICICI Bank Limited has no effect on the direction of Ankit Metal i.e., Ankit Metal and ICICI Bank go up and down completely randomly.
Pair Corralation between Ankit Metal and ICICI Bank
Assuming the 90 days trading horizon Ankit Metal Power is expected to under-perform the ICICI Bank. In addition to that, Ankit Metal is 2.3 times more volatile than ICICI Bank Limited. It trades about -0.02 of its total potential returns per unit of risk. ICICI Bank Limited is currently generating about 0.14 per unit of volatility. If you would invest 106,676 in ICICI Bank Limited on September 2, 2024 and sell it today you would earn a total of 23,334 from holding ICICI Bank Limited or generate 21.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.2% |
| Values | Daily Returns |
Ankit Metal Power vs. ICICI Bank Limited
Performance |
| Timeline |
| Ankit Metal Power |
| ICICI Bank Limited |
Ankit Metal and ICICI Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ankit Metal and ICICI Bank
The main advantage of trading using opposite Ankit Metal and ICICI Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ankit Metal position performs unexpectedly, ICICI Bank 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 ICICI Bank will offset losses from the drop in ICICI Bank's long position.| Ankit Metal vs. NMDC Limited | Ankit Metal vs. Embassy Office Parks | Ankit Metal vs. Gujarat Narmada Valley | Ankit Metal vs. Gujarat Alkalies and |
| ICICI Bank vs. GM Breweries Limited | ICICI Bank vs. Aban Offshore Limited | ICICI Bank vs. Kilitch Drugs Limited | ICICI Bank vs. Lemon Tree Hotels |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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