Correlation Between Bosch and Page Industries
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bosch Limited and Page Industries Limited, you can compare the effects of market volatilities on Bosch and Page Industries 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 Page Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosch and Page Industries.
Diversification Opportunities for Bosch and Page Industries
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bosch and Page is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Bosch Limited and Page Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Page Industries 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 Page Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Page Industries has no effect on the direction of Bosch i.e., Bosch and Page Industries go up and down completely randomly.
Pair Corralation between Bosch and Page Industries
Assuming the 90 days trading horizon Bosch Limited is expected to generate 0.94 times more return on investment than Page Industries. However, Bosch Limited is 1.06 times less risky than Page Industries. It trades about 0.11 of its potential returns per unit of risk. Page Industries Limited is currently generating about 0.01 per unit of risk. If you would invest 1,687,350 in Bosch Limited on August 30, 2024 and sell it today you would earn a total of 1,801,575 from holding Bosch Limited or generate 106.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Bosch Limited vs. Page Industries Limited
Performance |
| Timeline |
| Bosch Limited |
| Page Industries |
Bosch and Page Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosch and Page Industries
The main advantage of trading using opposite Bosch and Page Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosch position performs unexpectedly, Page Industries 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 Page Industries will offset losses from the drop in Page Industries' long position.| Bosch vs. Imagicaaworld Entertainment Limited | Bosch vs. Network18 Media Investments | Bosch vs. Total Transport Systems | Bosch vs. Zee Entertainment Enterprises |
| Page Industries vs. Oriental Hotels Limited | Page Industries vs. Lemon Tree Hotels | Page Industries vs. Juniper Hotels | Page Industries vs. Samhi 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Global Correlations Find global opportunities by holding instruments from different markets |