Correlation Between Can Fin and DJ Mediaprint
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By analyzing existing cross correlation between Can Fin Homes and DJ Mediaprint Logistics, you can compare the effects of market volatilities on Can Fin and DJ Mediaprint 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 DJ Mediaprint. Check out your portfolio center. Please also check ongoing floating volatility patterns of Can Fin and DJ Mediaprint.
Diversification Opportunities for Can Fin and DJ Mediaprint
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Can and DJML is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Can Fin Homes and DJ Mediaprint Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DJ Mediaprint Logistics 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 DJ Mediaprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DJ Mediaprint Logistics has no effect on the direction of Can Fin i.e., Can Fin and DJ Mediaprint go up and down completely randomly.
Pair Corralation between Can Fin and DJ Mediaprint
Assuming the 90 days trading horizon Can Fin Homes is expected to under-perform the DJ Mediaprint. But the stock apears to be less risky and, when comparing its historical volatility, Can Fin Homes is 1.96 times less risky than DJ Mediaprint. The stock trades about -0.35 of its potential returns per unit of risk. The DJ Mediaprint Logistics is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 18,592 in DJ Mediaprint Logistics on October 10, 2024 and sell it today you would lose (1,344) from holding DJ Mediaprint Logistics or give up 7.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Can Fin Homes vs. DJ Mediaprint Logistics
Performance |
| Timeline |
| Can Fin Homes |
| DJ Mediaprint Logistics |
Can Fin and DJ Mediaprint Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Can Fin and DJ Mediaprint
The main advantage of trading using opposite Can Fin and DJ Mediaprint positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Can Fin position performs unexpectedly, DJ Mediaprint 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 DJ Mediaprint will offset losses from the drop in DJ Mediaprint's long position.| Can Fin vs. Reliance Industries Limited | Can Fin vs. HDFC Bank Limited | Can Fin vs. Tata Consultancy Services | Can Fin vs. Bharti Airtel Limited |
| DJ Mediaprint vs. Adroit Infotech Limited | DJ Mediaprint vs. Music Broadcast Limited | DJ Mediaprint vs. Orient Technologies Limited | DJ Mediaprint vs. Kingfa Science Technology |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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