Correlation Between Bosch and Bikaji Foods
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By analyzing existing cross correlation between Bosch Limited and Bikaji Foods International, you can compare the effects of market volatilities on Bosch and Bikaji Foods 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 Bosch with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosch and Bikaji Foods.
Diversification Opportunities for Bosch and Bikaji Foods
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bosch and Bikaji is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Bosch Limited and Bikaji Foods International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bikaji Foods Interna and Bosch 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 Bosch Limited are associated (or correlated) with Bikaji Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bikaji Foods Interna has no effect on the direction of Bosch i.e., Bosch and Bikaji Foods go up and down completely randomly.
Pair Corralation between Bosch and Bikaji Foods
Assuming the 90 days trading horizon Bosch Limited is expected to generate 0.69 times more return on investment than Bikaji Foods. However, Bosch Limited is 1.45 times less risky than Bikaji Foods. It trades about -0.01 of its potential returns per unit of risk. Bikaji Foods International is currently generating about -0.11 per unit of risk. If you would invest 3,518,215 in Bosch Limited on September 2, 2024 and sell it today you would lose (21,595) from holding Bosch Limited or give up 0.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Bosch Limited vs. Bikaji Foods International
Performance |
| Timeline |
| Bosch Limited |
| Bikaji Foods Interna |
Bosch and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosch and Bikaji Foods
The main advantage of trading using opposite Bosch and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosch position performs unexpectedly, Bikaji Foods 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 Bikaji Foods will offset losses from the drop in Bikaji Foods' long position.| Bosch vs. Vraj Iron and | Bosch vs. Blue Coast Hotels | Bosch vs. Hindustan Construction | Bosch vs. Vibhor Steel Tubes |
| Bikaji Foods vs. Advani Hotels Resorts | Bikaji Foods vs. Sapphire Foods India | Bikaji Foods vs. Juniper Hotels | Bikaji Foods vs. Asian Hotels 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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