Correlation Between Blue Jet and Indraprastha Medical
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By analyzing existing cross correlation between Blue Jet Healthcare and Indraprastha Medical, you can compare the effects of market volatilities on Blue Jet and Indraprastha Medical 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 Indraprastha Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Jet and Indraprastha Medical.
Diversification Opportunities for Blue Jet and Indraprastha Medical
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Blue and Indraprastha is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Blue Jet Healthcare and Indraprastha Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indraprastha Medical 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 Indraprastha Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indraprastha Medical has no effect on the direction of Blue Jet i.e., Blue Jet and Indraprastha Medical go up and down completely randomly.
Pair Corralation between Blue Jet and Indraprastha Medical
Assuming the 90 days trading horizon Blue Jet Healthcare is expected to generate 0.75 times more return on investment than Indraprastha Medical. However, Blue Jet Healthcare is 1.32 times less risky than Indraprastha Medical. It trades about 0.26 of its potential returns per unit of risk. Indraprastha Medical is currently generating about -0.1 per unit of risk. If you would invest 50,475 in Blue Jet Healthcare on October 17, 2024 and sell it today you would earn a total of 8,230 from holding Blue Jet Healthcare or generate 16.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Jet Healthcare vs. Indraprastha Medical
Performance |
| Timeline |
| Blue Jet Healthcare |
| Indraprastha Medical |
Blue Jet and Indraprastha Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Jet and Indraprastha Medical
The main advantage of trading using opposite Blue Jet and Indraprastha Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Jet position performs unexpectedly, Indraprastha Medical 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 Indraprastha Medical will offset losses from the drop in Indraprastha Medical's long position.| Blue Jet vs. Hilton Metal Forging | Blue Jet vs. Motilal Oswal Financial | Blue Jet vs. Indian Metals Ferro | Blue Jet vs. The Federal Bank |
| Indraprastha Medical vs. Man Infraconstruction Limited | Indraprastha Medical vs. Bigbloc Construction Limited | Indraprastha Medical vs. Blue Jet Healthcare | Indraprastha Medical vs. Zota Health Care |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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