Correlation Between Can Fin and Hilton Metal
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By analyzing existing cross correlation between Can Fin Homes and Hilton Metal Forging, you can compare the effects of market volatilities on Can Fin and Hilton Metal 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 Hilton Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Can Fin and Hilton Metal.
Diversification Opportunities for Can Fin and Hilton Metal
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Can and Hilton is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Can Fin Homes and Hilton Metal Forging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hilton Metal Forging 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 Hilton Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hilton Metal Forging has no effect on the direction of Can Fin i.e., Can Fin and Hilton Metal go up and down completely randomly.
Pair Corralation between Can Fin and Hilton Metal
Assuming the 90 days trading horizon Can Fin Homes is expected to generate 0.66 times more return on investment than Hilton Metal. However, Can Fin Homes is 1.53 times less risky than Hilton Metal. It trades about 0.06 of its potential returns per unit of risk. Hilton Metal Forging is currently generating about 0.03 per unit of risk. If you would invest 53,280 in Can Fin Homes on September 5, 2024 and sell it today you would earn a total of 30,180 from holding Can Fin Homes or generate 56.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Can Fin Homes vs. Hilton Metal Forging
Performance |
| Timeline |
| Can Fin Homes |
| Hilton Metal Forging |
Can Fin and Hilton Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Can Fin and Hilton Metal
The main advantage of trading using opposite Can Fin and Hilton Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Can Fin position performs unexpectedly, Hilton Metal 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 Hilton Metal will offset losses from the drop in Hilton Metal's long position.| Can Fin vs. Heritage Foods Limited | Can Fin vs. EMBASSY OFFICE PARKS | Can Fin vs. Beta Drugs | Can Fin vs. Aban Offshore Limited |
| Hilton Metal vs. Can Fin Homes | Hilton Metal vs. The Hi Tech Gears | Hilton Metal vs. Total Transport Systems | Hilton Metal vs. EMBASSY OFFICE PARKS |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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