Correlation Between Bikaji Foods and HEG
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By analyzing existing cross correlation between Bikaji Foods International and HEG Limited, you can compare the effects of market volatilities on Bikaji Foods and HEG 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 Bikaji Foods with a short position of HEG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bikaji Foods and HEG.
Diversification Opportunities for Bikaji Foods and HEG
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bikaji and HEG is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Bikaji Foods International and HEG Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HEG Limited and Bikaji Foods 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 Bikaji Foods International are associated (or correlated) with HEG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HEG Limited has no effect on the direction of Bikaji Foods i.e., Bikaji Foods and HEG go up and down completely randomly.
Pair Corralation between Bikaji Foods and HEG
Assuming the 90 days trading horizon Bikaji Foods International is expected to generate 0.64 times more return on investment than HEG. However, Bikaji Foods International is 1.55 times less risky than HEG. It trades about -0.34 of its potential returns per unit of risk. HEG Limited is currently generating about -0.31 per unit of risk. If you would invest 83,200 in Bikaji Foods International on October 10, 2024 and sell it today you would lose (10,620) from holding Bikaji Foods International or give up 12.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bikaji Foods International vs. HEG Limited
Performance |
| Timeline |
| Bikaji Foods Interna |
| HEG Limited |
Bikaji Foods and HEG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bikaji Foods and HEG
The main advantage of trading using opposite Bikaji Foods and HEG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bikaji Foods position performs unexpectedly, HEG 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 HEG will offset losses from the drop in HEG's long position.| Bikaji Foods vs. Total Transport Systems | Bikaji Foods vs. The Byke Hospitality | Bikaji Foods vs. Reliance Home Finance | Bikaji Foods vs. Clean Science and |
| HEG vs. The Investment Trust | HEG vs. Tata Investment | HEG vs. SIL Investments Limited | HEG vs. Kewal Kiran Clothing |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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