Correlation Between Ankit Metal and Jubilant Foodworks
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By analyzing existing cross correlation between Ankit Metal Power and Jubilant Foodworks Limited, you can compare the effects of market volatilities on Ankit Metal and Jubilant Foodworks 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 Jubilant Foodworks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ankit Metal and Jubilant Foodworks.
Diversification Opportunities for Ankit Metal and Jubilant Foodworks
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ankit and Jubilant is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Ankit Metal Power and Jubilant Foodworks Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jubilant Foodworks 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 Jubilant Foodworks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jubilant Foodworks has no effect on the direction of Ankit Metal i.e., Ankit Metal and Jubilant Foodworks go up and down completely randomly.
Pair Corralation between Ankit Metal and Jubilant Foodworks
Assuming the 90 days trading horizon Ankit Metal Power is expected to under-perform the Jubilant Foodworks. In addition to that, Ankit Metal is 1.35 times more volatile than Jubilant Foodworks Limited. It trades about -0.03 of its total potential returns per unit of risk. Jubilant Foodworks Limited is currently generating about 0.12 per unit of volatility. If you would invest 47,168 in Jubilant Foodworks Limited on September 3, 2024 and sell it today you would earn a total of 17,287 from holding Jubilant Foodworks Limited or generate 36.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.32% |
| Values | Daily Returns |
Ankit Metal Power vs. Jubilant Foodworks Limited
Performance |
| Timeline |
| Ankit Metal Power |
| Jubilant Foodworks |
Ankit Metal and Jubilant Foodworks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ankit Metal and Jubilant Foodworks
The main advantage of trading using opposite Ankit Metal and Jubilant Foodworks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ankit Metal position performs unexpectedly, Jubilant Foodworks 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 Jubilant Foodworks will offset losses from the drop in Jubilant Foodworks' long position.| Ankit Metal vs. NMDC Limited | Ankit Metal vs. Steel Authority of | Ankit Metal vs. Embassy Office Parks | Ankit Metal vs. Indian Metals Ferro |
| Jubilant Foodworks vs. Bajaj Holdings Investment | Jubilant Foodworks vs. Shipping | Jubilant Foodworks vs. Indo Borax Chemicals | Jubilant Foodworks vs. Kingfa Science Technology |
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 CEOs Directory module to screen CEOs from public companies around the world.
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