Correlation Between Computer Age and COSMO FIRST
Specify exactly 2 symbols:
By analyzing existing cross correlation between Computer Age Management and COSMO FIRST LIMITED, you can compare the effects of market volatilities on Computer Age and COSMO FIRST 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 Computer Age with a short position of COSMO FIRST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Computer Age and COSMO FIRST.
Diversification Opportunities for Computer Age and COSMO FIRST
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Computer and COSMO is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Computer Age Management and COSMO FIRST LIMITED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COSMO FIRST LIMITED and Computer Age 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 Computer Age Management are associated (or correlated) with COSMO FIRST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COSMO FIRST LIMITED has no effect on the direction of Computer Age i.e., Computer Age and COSMO FIRST go up and down completely randomly.
Pair Corralation between Computer Age and COSMO FIRST
Assuming the 90 days trading horizon Computer Age is expected to generate 1.55 times less return on investment than COSMO FIRST. But when comparing it to its historical volatility, Computer Age Management is 1.02 times less risky than COSMO FIRST. It trades about 0.22 of its potential returns per unit of risk. COSMO FIRST LIMITED is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest 76,915 in COSMO FIRST LIMITED on September 12, 2024 and sell it today you would earn a total of 12,985 from holding COSMO FIRST LIMITED or generate 16.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Computer Age Management vs. COSMO FIRST LIMITED
Performance |
| Timeline |
| Computer Age Management |
| COSMO FIRST LIMITED |
Computer Age and COSMO FIRST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Computer Age and COSMO FIRST
The main advantage of trading using opposite Computer Age and COSMO FIRST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Computer Age position performs unexpectedly, COSMO FIRST 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 COSMO FIRST will offset losses from the drop in COSMO FIRST's long position.| Computer Age vs. Reliance Industries Limited | Computer Age vs. Oil Natural Gas | Computer Age vs. Indian Oil | Computer Age vs. HDFC Bank Limited |
| COSMO FIRST vs. Hindustan Copper Limited | COSMO FIRST vs. Newgen Software Technologies | COSMO FIRST vs. Selan Exploration Technology | COSMO FIRST vs. Life Insurance |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |