Correlation Between Can Fin and 21st Century
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By analyzing existing cross correlation between Can Fin Homes and 21st Century Management, you can compare the effects of market volatilities on Can Fin and 21st Century 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 Can Fin with a short position of 21st Century. Check out your portfolio center. Please also check ongoing floating volatility patterns of Can Fin and 21st Century.
Diversification Opportunities for Can Fin and 21st Century
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Can and 21st is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Can Fin Homes and 21st Century Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 21st Century Management and Can Fin 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 Can Fin Homes are associated (or correlated) with 21st Century. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 21st Century Management has no effect on the direction of Can Fin i.e., Can Fin and 21st Century go up and down completely randomly.
Pair Corralation between Can Fin and 21st Century
Assuming the 90 days trading horizon Can Fin Homes is expected to under-perform the 21st Century. In addition to that, Can Fin is 1.58 times more volatile than 21st Century Management. It trades about -0.39 of its total potential returns per unit of risk. 21st Century Management is currently generating about -0.2 per unit of volatility. If you would invest 9,106 in 21st Century Management on October 17, 2024 and sell it today you would lose (506.00) from holding 21st Century Management or give up 5.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Can Fin Homes vs. 21st Century Management
Performance |
| Timeline |
| Can Fin Homes |
| 21st Century Management |
Can Fin and 21st Century Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Can Fin and 21st Century
The main advantage of trading using opposite Can Fin and 21st Century positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Can Fin position performs unexpectedly, 21st Century 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 21st Century will offset losses from the drop in 21st Century's long position.| Can Fin vs. California Software | Can Fin vs. Arrow Greentech Limited | Can Fin vs. Hilton Metal Forging | Can Fin vs. Modi Rubber Limited |
| 21st Century vs. Hi Tech Pipes Limited | 21st Century vs. Niraj Ispat Industries | 21st Century vs. Baazar Style Retail | 21st Century vs. Pritish Nandy Communications |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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