Correlation Between Bikaji Foods and Indian Card
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By analyzing existing cross correlation between Bikaji Foods International and Indian Card Clothing, you can compare the effects of market volatilities on Bikaji Foods and Indian Card 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 Indian Card. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bikaji Foods and Indian Card.
Diversification Opportunities for Bikaji Foods and Indian Card
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bikaji and Indian is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Bikaji Foods International and Indian Card Clothing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indian Card Clothing 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 Indian Card. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indian Card Clothing has no effect on the direction of Bikaji Foods i.e., Bikaji Foods and Indian Card go up and down completely randomly.
Pair Corralation between Bikaji Foods and Indian Card
Assuming the 90 days trading horizon Bikaji Foods International is expected to under-perform the Indian Card. But the stock apears to be less risky and, when comparing its historical volatility, Bikaji Foods International is 3.18 times less risky than Indian Card. The stock trades about -0.44 of its potential returns per unit of risk. The Indian Card Clothing is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest 33,005 in Indian Card Clothing on October 12, 2024 and sell it today you would lose (4,365) from holding Indian Card Clothing or give up 13.23% 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. Indian Card Clothing
Performance |
| Timeline |
| Bikaji Foods Interna |
| Indian Card Clothing |
Bikaji Foods and Indian Card Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bikaji Foods and Indian Card
The main advantage of trading using opposite Bikaji Foods and Indian Card positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bikaji Foods position performs unexpectedly, Indian Card 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 Indian Card will offset losses from the drop in Indian Card's long position.| Bikaji Foods vs. LT Foods Limited | Bikaji Foods vs. Varun Beverages Limited | Bikaji Foods vs. Dodla Dairy Limited | Bikaji Foods vs. Som Distilleries Breweries |
| Indian Card vs. Sonata Software Limited | Indian Card vs. R S Software | Indian Card vs. Apex Frozen Foods | Indian Card vs. Bikaji Foods International |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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