Correlation Between Bodhi Tree and Silly Monks
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bodhi Tree Multimedia and Silly Monks Entertainment, you can compare the effects of market volatilities on Bodhi Tree and Silly Monks 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 Silly Monks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bodhi Tree and Silly Monks.
Diversification Opportunities for Bodhi Tree and Silly Monks
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bodhi and Silly is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Bodhi Tree Multimedia and Silly Monks Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silly Monks Entertainment 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 Silly Monks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silly Monks Entertainment has no effect on the direction of Bodhi Tree i.e., Bodhi Tree and Silly Monks go up and down completely randomly.
Pair Corralation between Bodhi Tree and Silly Monks
Assuming the 90 days trading horizon Bodhi Tree Multimedia is expected to generate 1.17 times more return on investment than Silly Monks. However, Bodhi Tree is 1.17 times more volatile than Silly Monks Entertainment. It trades about -0.02 of its potential returns per unit of risk. Silly Monks Entertainment is currently generating about -0.06 per unit of risk. If you would invest 1,300 in Bodhi Tree Multimedia on September 2, 2024 and sell it today you would lose (85.00) from holding Bodhi Tree Multimedia or give up 6.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bodhi Tree Multimedia vs. Silly Monks Entertainment
Performance |
| Timeline |
| Bodhi Tree Multimedia |
| Silly Monks Entertainment |
Bodhi Tree and Silly Monks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bodhi Tree and Silly Monks
The main advantage of trading using opposite Bodhi Tree and Silly Monks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bodhi Tree position performs unexpectedly, Silly Monks 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 Silly Monks will offset losses from the drop in Silly Monks' long position.| Bodhi Tree vs. Cantabil Retail India | Bodhi Tree vs. Jaypee Infratech Limited | Bodhi Tree vs. Styrenix Performance Materials | Bodhi Tree vs. Future Retail Limited |
| Silly Monks vs. Clean Science and | Silly Monks vs. Vertoz Advertising Limited | Silly Monks vs. Ratnamani Metals Tubes | Silly Monks vs. Styrenix Performance Materials |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |