Correlation Between Ankit Metal and Parag Milk
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By analyzing existing cross correlation between Ankit Metal Power and Parag Milk Foods, you can compare the effects of market volatilities on Ankit Metal and Parag Milk 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 Parag Milk. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ankit Metal and Parag Milk.
Diversification Opportunities for Ankit Metal and Parag Milk
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ankit and Parag is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Ankit Metal Power and Parag Milk Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Parag Milk Foods 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 Parag Milk. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Parag Milk Foods has no effect on the direction of Ankit Metal i.e., Ankit Metal and Parag Milk go up and down completely randomly.
Pair Corralation between Ankit Metal and Parag Milk
Assuming the 90 days trading horizon Ankit Metal Power is expected to under-perform the Parag Milk. But the stock apears to be less risky and, when comparing its historical volatility, Ankit Metal Power is 1.06 times less risky than Parag Milk. The stock trades about 0.0 of its potential returns per unit of risk. The Parag Milk Foods is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 8,622 in Parag Milk Foods on November 2, 2024 and sell it today you would earn a total of 7,935 from holding Parag Milk Foods or generate 92.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.7% |
| Values | Daily Returns |
Ankit Metal Power vs. Parag Milk Foods
Performance |
| Timeline |
| Ankit Metal Power |
| Parag Milk Foods |
Ankit Metal and Parag Milk Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ankit Metal and Parag Milk
The main advantage of trading using opposite Ankit Metal and Parag Milk positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ankit Metal position performs unexpectedly, Parag Milk 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 Parag Milk will offset losses from the drop in Parag Milk's long position.| Ankit Metal vs. Hindustan Media Ventures | Ankit Metal vs. Radaan Mediaworks India | Ankit Metal vs. Manaksia Coated Metals | Ankit Metal vs. Diligent Media |
| Parag Milk vs. Patanjali Foods Limited | Parag Milk vs. Apex Frozen Foods | Parag Milk vs. Megastar Foods Limited | Parag Milk vs. LT Foods Limited |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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