Correlation Between Agro Tech and Cantabil Retail
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By analyzing existing cross correlation between Agro Tech Foods and Cantabil Retail India, you can compare the effects of market volatilities on Agro Tech and Cantabil Retail 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 Agro Tech with a short position of Cantabil Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agro Tech and Cantabil Retail.
Diversification Opportunities for Agro Tech and Cantabil Retail
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agro and Cantabil is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Agro Tech Foods and Cantabil Retail India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cantabil Retail India and Agro Tech 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 Agro Tech Foods are associated (or correlated) with Cantabil Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cantabil Retail India has no effect on the direction of Agro Tech i.e., Agro Tech and Cantabil Retail go up and down completely randomly.
Pair Corralation between Agro Tech and Cantabil Retail
Assuming the 90 days trading horizon Agro Tech is expected to generate 1.02 times less return on investment than Cantabil Retail. But when comparing it to its historical volatility, Agro Tech Foods is 1.59 times less risky than Cantabil Retail. It trades about 0.08 of its potential returns per unit of risk. Cantabil Retail India is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 27,564 in Cantabil Retail India on October 20, 2024 and sell it today you would earn a total of 701.00 from holding Cantabil Retail India or generate 2.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agro Tech Foods vs. Cantabil Retail India
Performance |
| Timeline |
| Agro Tech Foods |
| Cantabil Retail India |
Agro Tech and Cantabil Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agro Tech and Cantabil Retail
The main advantage of trading using opposite Agro Tech and Cantabil Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agro Tech position performs unexpectedly, Cantabil Retail 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 Cantabil Retail will offset losses from the drop in Cantabil Retail's long position.| Agro Tech vs. WESTLIFE FOODWORLD LIMITED | Agro Tech vs. Indian Metals Ferro | Agro Tech vs. Shivalik Bimetal Controls | Agro Tech vs. LT Foods Limited |
| Cantabil Retail vs. Apex Frozen Foods | Cantabil Retail vs. Clean Science and | Cantabil Retail vs. Agro Tech Foods | Cantabil Retail vs. Laxmi Organic 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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