Correlation Between Can Fin and Juniper Hotels
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By analyzing existing cross correlation between Can Fin Homes and Juniper Hotels, you can compare the effects of market volatilities on Can Fin and Juniper Hotels 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 Juniper Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Can Fin and Juniper Hotels.
Diversification Opportunities for Can Fin and Juniper Hotels
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Can and Juniper is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Can Fin Homes and Juniper Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juniper Hotels 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 Juniper Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juniper Hotels has no effect on the direction of Can Fin i.e., Can Fin and Juniper Hotels go up and down completely randomly.
Pair Corralation between Can Fin and Juniper Hotels
Assuming the 90 days trading horizon Can Fin Homes is expected to generate 0.72 times more return on investment than Juniper Hotels. However, Can Fin Homes is 1.4 times less risky than Juniper Hotels. It trades about 0.0 of its potential returns per unit of risk. Juniper Hotels is currently generating about -0.02 per unit of risk. If you would invest 73,628 in Can Fin Homes on October 20, 2024 and sell it today you would lose (4,478) from holding Can Fin Homes or give up 6.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.57% |
| Values | Daily Returns |
Can Fin Homes vs. Juniper Hotels
Performance |
| Timeline |
| Can Fin Homes |
| Juniper Hotels |
Can Fin and Juniper Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Can Fin and Juniper Hotels
The main advantage of trading using opposite Can Fin and Juniper Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Can Fin position performs unexpectedly, Juniper Hotels 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 Juniper Hotels will offset losses from the drop in Juniper Hotels' long position.| Can Fin vs. Global Health Limited | Can Fin vs. Dharani SugarsChemicals Limited | Can Fin vs. DMCC SPECIALITY CHEMICALS | Can Fin vs. Country Club Hospitality |
| Juniper Hotels vs. 21st Century Management | Juniper Hotels vs. Total Transport Systems | Juniper Hotels vs. Ortel Communications Limited | Juniper Hotels vs. Datamatics Global Services |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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