Correlation Between Astra Microwave and Jubilant Foodworks
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By analyzing existing cross correlation between Astra Microwave Products and Jubilant Foodworks Limited, you can compare the effects of market volatilities on Astra Microwave 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 Astra Microwave with a short position of Jubilant Foodworks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astra Microwave and Jubilant Foodworks.
Diversification Opportunities for Astra Microwave and Jubilant Foodworks
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Astra and Jubilant is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Astra Microwave Products and Jubilant Foodworks Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jubilant Foodworks and Astra Microwave 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 Astra Microwave Products 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 Astra Microwave i.e., Astra Microwave and Jubilant Foodworks go up and down completely randomly.
Pair Corralation between Astra Microwave and Jubilant Foodworks
Assuming the 90 days trading horizon Astra Microwave is expected to generate 2.56 times less return on investment than Jubilant Foodworks. In addition to that, Astra Microwave is 1.08 times more volatile than Jubilant Foodworks Limited. It trades about 0.12 of its total potential returns per unit of risk. Jubilant Foodworks Limited is currently generating about 0.34 per unit of volatility. If you would invest 56,710 in Jubilant Foodworks Limited on September 5, 2024 and sell it today you would earn a total of 8,995 from holding Jubilant Foodworks Limited or generate 15.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Astra Microwave Products vs. Jubilant Foodworks Limited
Performance |
| Timeline |
| Astra Microwave Products |
| Jubilant Foodworks |
Astra Microwave and Jubilant Foodworks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astra Microwave and Jubilant Foodworks
The main advantage of trading using opposite Astra Microwave and Jubilant Foodworks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astra Microwave 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.| Astra Microwave vs. Jubilant Foodworks Limited | Astra Microwave vs. Cantabil Retail India | Astra Microwave vs. WESTLIFE FOODWORLD LIMITED | Astra Microwave vs. Spencers Retail Limited |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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