Correlation Between Aster DM and Fino Payments
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By analyzing existing cross correlation between Aster DM Healthcare and Fino Payments Bank, you can compare the effects of market volatilities on Aster DM and Fino Payments 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 Aster DM with a short position of Fino Payments. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aster DM and Fino Payments.
Diversification Opportunities for Aster DM and Fino Payments
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Aster and Fino is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Aster DM Healthcare and Fino Payments Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fino Payments Bank and Aster DM 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 Aster DM Healthcare are associated (or correlated) with Fino Payments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fino Payments Bank has no effect on the direction of Aster DM i.e., Aster DM and Fino Payments go up and down completely randomly.
Pair Corralation between Aster DM and Fino Payments
Assuming the 90 days trading horizon Aster DM Healthcare is expected to generate 0.86 times more return on investment than Fino Payments. However, Aster DM Healthcare is 1.16 times less risky than Fino Payments. It trades about 0.25 of its potential returns per unit of risk. Fino Payments Bank is currently generating about -0.02 per unit of risk. If you would invest 43,065 in Aster DM Healthcare on August 30, 2024 and sell it today you would earn a total of 4,795 from holding Aster DM Healthcare or generate 11.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Aster DM Healthcare vs. Fino Payments Bank
Performance |
| Timeline |
| Aster DM Healthcare |
| Fino Payments Bank |
Aster DM and Fino Payments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aster DM and Fino Payments
The main advantage of trading using opposite Aster DM and Fino Payments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aster DM position performs unexpectedly, Fino Payments 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 Fino Payments will offset losses from the drop in Fino Payments' long position.| Aster DM vs. PB Fintech Limited | Aster DM vs. Yatharth Hospital Trauma | Aster DM vs. Lotus Eye Hospital | Aster DM vs. Entero Healthcare Solutions |
| Fino Payments vs. Kaushalya Infrastructure Development | Fino Payments vs. MMTC Limited | Fino Payments vs. Kingfa Science Technology | Fino Payments vs. Rico Auto Industries |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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