Correlation Between Apex Frozen and Bikaji Foods
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By analyzing existing cross correlation between Apex Frozen Foods and Bikaji Foods International, you can compare the effects of market volatilities on Apex Frozen and Bikaji Foods 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 Apex Frozen with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apex Frozen and Bikaji Foods.
Diversification Opportunities for Apex Frozen and Bikaji Foods
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Apex and Bikaji is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Apex Frozen Foods and Bikaji Foods International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bikaji Foods Interna and Apex Frozen 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 Apex Frozen Foods are associated (or correlated) with Bikaji Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bikaji Foods Interna has no effect on the direction of Apex Frozen i.e., Apex Frozen and Bikaji Foods go up and down completely randomly.
Pair Corralation between Apex Frozen and Bikaji Foods
Assuming the 90 days trading horizon Apex Frozen Foods is expected to generate 1.4 times more return on investment than Bikaji Foods. However, Apex Frozen is 1.4 times more volatile than Bikaji Foods International. It trades about 0.1 of its potential returns per unit of risk. Bikaji Foods International is currently generating about 0.0 per unit of risk. If you would invest 25,324 in Apex Frozen Foods on September 12, 2024 and sell it today you would earn a total of 1,463 from holding Apex Frozen Foods or generate 5.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apex Frozen Foods vs. Bikaji Foods International
Performance |
| Timeline |
| Apex Frozen Foods |
| Bikaji Foods Interna |
Apex Frozen and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apex Frozen and Bikaji Foods
The main advantage of trading using opposite Apex Frozen and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apex Frozen position performs unexpectedly, Bikaji Foods 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 Bikaji Foods will offset losses from the drop in Bikaji Foods' long position.| Apex Frozen vs. Indo Borax Chemicals | Apex Frozen vs. Kingfa Science Technology | Apex Frozen vs. Alkali Metals Limited | Apex Frozen vs. Krebs Biochemicals and |
| Bikaji Foods vs. Indo Borax Chemicals | Bikaji Foods vs. Kingfa Science Technology | Bikaji Foods vs. Alkali Metals Limited | Bikaji Foods vs. Krebs Biochemicals and |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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