Correlation Between Blue Jet and Kilitch Drugs
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By analyzing existing cross correlation between Blue Jet Healthcare and Kilitch Drugs Limited, you can compare the effects of market volatilities on Blue Jet and Kilitch Drugs 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 Kilitch Drugs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Jet and Kilitch Drugs.
Diversification Opportunities for Blue Jet and Kilitch Drugs
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Blue and Kilitch is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Blue Jet Healthcare and Kilitch Drugs Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kilitch Drugs 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 Kilitch Drugs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kilitch Drugs Limited has no effect on the direction of Blue Jet i.e., Blue Jet and Kilitch Drugs go up and down completely randomly.
Pair Corralation between Blue Jet and Kilitch Drugs
Assuming the 90 days trading horizon Blue Jet Healthcare is expected to generate 1.3 times more return on investment than Kilitch Drugs. However, Blue Jet is 1.3 times more volatile than Kilitch Drugs Limited. It trades about 0.24 of its potential returns per unit of risk. Kilitch Drugs Limited is currently generating about 0.08 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 7,665 from holding Blue Jet Healthcare or generate 15.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Jet Healthcare vs. Kilitch Drugs Limited
Performance |
| Timeline |
| Blue Jet Healthcare |
| Kilitch Drugs Limited |
Blue Jet and Kilitch Drugs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Jet and Kilitch Drugs
The main advantage of trading using opposite Blue Jet and Kilitch Drugs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Jet position performs unexpectedly, Kilitch Drugs 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 Kilitch Drugs will offset losses from the drop in Kilitch Drugs' 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 |
| Kilitch Drugs vs. Lemon Tree Hotels | Kilitch Drugs vs. Samhi Hotels Limited | Kilitch Drugs vs. Industrial Investment Trust | Kilitch Drugs vs. Nalwa Sons Investments |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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