Correlation Between Blue Jet and Centum Electronics
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By analyzing existing cross correlation between Blue Jet Healthcare and Centum Electronics Limited, you can compare the effects of market volatilities on Blue Jet and Centum Electronics 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 Jet with a short position of Centum Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Jet and Centum Electronics.
Diversification Opportunities for Blue Jet and Centum Electronics
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blue and Centum is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Blue Jet Healthcare and Centum Electronics Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Centum Electronics and Blue Jet 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 Jet Healthcare are associated (or correlated) with Centum Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Centum Electronics has no effect on the direction of Blue Jet i.e., Blue Jet and Centum Electronics go up and down completely randomly.
Pair Corralation between Blue Jet and Centum Electronics
Assuming the 90 days trading horizon Blue Jet Healthcare is expected to under-perform the Centum Electronics. But the stock apears to be less risky and, when comparing its historical volatility, Blue Jet Healthcare is 1.25 times less risky than Centum Electronics. The stock trades about -0.17 of its potential returns per unit of risk. The Centum Electronics Limited is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 165,835 in Centum Electronics Limited on September 13, 2024 and sell it today you would earn a total of 480.00 from holding Centum Electronics Limited or generate 0.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Jet Healthcare vs. Centum Electronics Limited
Performance |
| Timeline |
| Blue Jet Healthcare |
| Centum Electronics |
Blue Jet and Centum Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Jet and Centum Electronics
The main advantage of trading using opposite Blue Jet and Centum Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Jet position performs unexpectedly, Centum Electronics 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 Centum Electronics will offset losses from the drop in Centum Electronics' long position.| Blue Jet vs. State Bank of | Blue Jet vs. Life Insurance | Blue Jet vs. HDFC Bank Limited | Blue Jet vs. ICICI Bank Limited |
| Centum Electronics vs. Vodafone Idea Limited | Centum Electronics vs. Yes Bank Limited | Centum Electronics vs. Indian Overseas Bank | Centum Electronics vs. Indian Oil |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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