Correlation Between Blue Jet and HMT
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By analyzing existing cross correlation between Blue Jet Healthcare and HMT Limited, you can compare the effects of market volatilities on Blue Jet and HMT 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 HMT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Jet and HMT.
Diversification Opportunities for Blue Jet and HMT
Good diversification
The 3 months correlation between Blue and HMT is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Blue Jet Healthcare and HMT Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HMT Limited 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 HMT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HMT Limited has no effect on the direction of Blue Jet i.e., Blue Jet and HMT go up and down completely randomly.
Pair Corralation between Blue Jet and HMT
Assuming the 90 days trading horizon Blue Jet Healthcare is expected to generate 1.0 times more return on investment than HMT. However, Blue Jet Healthcare is 1.0 times less risky than HMT. It trades about 0.0 of its potential returns per unit of risk. HMT Limited is currently generating about -0.14 per unit of risk. If you would invest 50,663 in Blue Jet Healthcare on September 12, 2024 and sell it today you would lose (773.00) from holding Blue Jet Healthcare or give up 1.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Jet Healthcare vs. HMT Limited
Performance |
| Timeline |
| Blue Jet Healthcare |
| HMT Limited |
Blue Jet and HMT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Jet and HMT
The main advantage of trading using opposite Blue Jet and HMT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Jet position performs unexpectedly, HMT 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 HMT will offset losses from the drop in HMT's 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 |
| HMT vs. DiGiSPICE Technologies Limited | HMT vs. Total Transport Systems | HMT vs. Hi Tech Pipes Limited | HMT vs. TVS Electronics 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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