Correlation Between BF Investment and PNC Infratech
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By analyzing existing cross correlation between BF Investment Limited and PNC Infratech Limited, you can compare the effects of market volatilities on BF Investment and PNC Infratech 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 BF Investment with a short position of PNC Infratech. Check out your portfolio center. Please also check ongoing floating volatility patterns of BF Investment and PNC Infratech.
Diversification Opportunities for BF Investment and PNC Infratech
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BFINVEST and PNC is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding BF Investment Limited and PNC Infratech Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PNC Infratech Limited and BF Investment 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 BF Investment Limited are associated (or correlated) with PNC Infratech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PNC Infratech Limited has no effect on the direction of BF Investment i.e., BF Investment and PNC Infratech go up and down completely randomly.
Pair Corralation between BF Investment and PNC Infratech
Assuming the 90 days trading horizon BF Investment Limited is expected to under-perform the PNC Infratech. In addition to that, BF Investment is 1.08 times more volatile than PNC Infratech Limited. It trades about -0.41 of its total potential returns per unit of risk. PNC Infratech Limited is currently generating about -0.25 per unit of volatility. If you would invest 29,470 in PNC Infratech Limited on December 3, 2024 and sell it today you would lose (3,575) from holding PNC Infratech Limited or give up 12.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BF Investment Limited vs. PNC Infratech Limited
Performance |
| Timeline |
| BF Investment Limited |
| PNC Infratech Limited |
BF Investment and PNC Infratech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BF Investment and PNC Infratech
The main advantage of trading using opposite BF Investment and PNC Infratech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BF Investment position performs unexpectedly, PNC Infratech 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 PNC Infratech will offset losses from the drop in PNC Infratech's long position.| BF Investment vs. JB Chemicals Pharmaceuticals | ||
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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