Correlation Between BF Utilities and Bikaji Foods
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By analyzing existing cross correlation between BF Utilities Limited and Bikaji Foods International, you can compare the effects of market volatilities on BF Utilities 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 BF Utilities with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of BF Utilities and Bikaji Foods.
Diversification Opportunities for BF Utilities and Bikaji Foods
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between BFUTILITIE and Bikaji is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding BF Utilities Limited 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 BF Utilities 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 Utilities Limited 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 BF Utilities i.e., BF Utilities and Bikaji Foods go up and down completely randomly.
Pair Corralation between BF Utilities and Bikaji Foods
Assuming the 90 days trading horizon BF Utilities is expected to generate 1.21 times less return on investment than Bikaji Foods. In addition to that, BF Utilities is 1.28 times more volatile than Bikaji Foods International. It trades about 0.08 of its total potential returns per unit of risk. Bikaji Foods International is currently generating about 0.12 per unit of volatility. If you would invest 57,774 in Bikaji Foods International on September 2, 2024 and sell it today you would earn a total of 22,496 from holding Bikaji Foods International or generate 38.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BF Utilities Limited vs. Bikaji Foods International
Performance |
| Timeline |
| BF Utilities Limited |
| Bikaji Foods Interna |
BF Utilities and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BF Utilities and Bikaji Foods
The main advantage of trading using opposite BF Utilities and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BF Utilities 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.| BF Utilities vs. Dev Information Technology | BF Utilities vs. The Federal Bank | BF Utilities vs. Hemisphere Properties India | BF Utilities vs. Geojit Financial Services |
| Bikaji Foods vs. Advani Hotels Resorts | Bikaji Foods vs. Sapphire Foods India | Bikaji Foods vs. Juniper Hotels | Bikaji Foods vs. Asian Hotels Limited |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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