Correlation Between Blue Coast and AXISCADES Technologies
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By analyzing existing cross correlation between Blue Coast Hotels and AXISCADES Technologies Limited, you can compare the effects of market volatilities on Blue Coast and AXISCADES Technologies 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 Blue Coast with a short position of AXISCADES Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Coast and AXISCADES Technologies.
Diversification Opportunities for Blue Coast and AXISCADES Technologies
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and AXISCADES is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Blue Coast Hotels and AXISCADES Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXISCADES Technologies and Blue Coast 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 Blue Coast Hotels are associated (or correlated) with AXISCADES Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXISCADES Technologies has no effect on the direction of Blue Coast i.e., Blue Coast and AXISCADES Technologies go up and down completely randomly.
Pair Corralation between Blue Coast and AXISCADES Technologies
Assuming the 90 days trading horizon Blue Coast Hotels is expected to generate 0.68 times more return on investment than AXISCADES Technologies. However, Blue Coast Hotels is 1.47 times less risky than AXISCADES Technologies. It trades about 0.14 of its potential returns per unit of risk. AXISCADES Technologies Limited is currently generating about 0.07 per unit of risk. If you would invest 730.00 in Blue Coast Hotels on October 14, 2024 and sell it today you would earn a total of 1,497 from holding Blue Coast Hotels or generate 205.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 80.37% |
| Values | Daily Returns |
Blue Coast Hotels vs. AXISCADES Technologies Limited
Performance |
| Timeline |
| Blue Coast Hotels |
| AXISCADES Technologies |
Blue Coast and AXISCADES Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Coast and AXISCADES Technologies
The main advantage of trading using opposite Blue Coast and AXISCADES Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Coast position performs unexpectedly, AXISCADES Technologies 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 AXISCADES Technologies will offset losses from the drop in AXISCADES Technologies' long position.| Blue Coast vs. Lemon Tree Hotels | Blue Coast vs. Viceroy Hotels Limited | Blue Coast vs. Ortel Communications Limited | Blue Coast vs. Oriental Hotels Limited |
| AXISCADES Technologies vs. General Insurance | AXISCADES Technologies vs. Samhi Hotels Limited | AXISCADES Technologies vs. Blue Coast Hotels | AXISCADES Technologies vs. SBI Life Insurance |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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