Correlation Between Bodhi Tree and Can Fin
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By analyzing existing cross correlation between Bodhi Tree Multimedia and Can Fin Homes, you can compare the effects of market volatilities on Bodhi Tree and Can Fin 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 Bodhi Tree with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bodhi Tree and Can Fin.
Diversification Opportunities for Bodhi Tree and Can Fin
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bodhi and Can is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Bodhi Tree Multimedia and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and Bodhi Tree 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 Bodhi Tree Multimedia are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of Bodhi Tree i.e., Bodhi Tree and Can Fin go up and down completely randomly.
Pair Corralation between Bodhi Tree and Can Fin
Assuming the 90 days trading horizon Bodhi Tree Multimedia is expected to generate 2.47 times more return on investment than Can Fin. However, Bodhi Tree is 2.47 times more volatile than Can Fin Homes. It trades about 0.1 of its potential returns per unit of risk. Can Fin Homes is currently generating about 0.0 per unit of risk. If you would invest 1,075 in Bodhi Tree Multimedia on September 14, 2024 and sell it today you would earn a total of 70.00 from holding Bodhi Tree Multimedia or generate 6.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Bodhi Tree Multimedia vs. Can Fin Homes
Performance |
| Timeline |
| Bodhi Tree Multimedia |
| Can Fin Homes |
Bodhi Tree and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bodhi Tree and Can Fin
The main advantage of trading using opposite Bodhi Tree and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bodhi Tree position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.| Bodhi Tree vs. Reliance Industries Limited | Bodhi Tree vs. State Bank of | Bodhi Tree vs. HDFC Bank Limited | Bodhi Tree vs. Oil Natural Gas |
| Can Fin vs. Bodhi Tree Multimedia | Can Fin vs. Next Mediaworks Limited | Can Fin vs. Indo Borax Chemicals | Can Fin vs. Hindcon Chemicals 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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