Correlation Between Can Fin and Kewal Kiran
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By analyzing existing cross correlation between Can Fin Homes and Kewal Kiran Clothing, you can compare the effects of market volatilities on Can Fin and Kewal Kiran 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 Kewal Kiran. Check out your portfolio center. Please also check ongoing floating volatility patterns of Can Fin and Kewal Kiran.
Diversification Opportunities for Can Fin and Kewal Kiran
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Can and Kewal is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Can Fin Homes and Kewal Kiran Clothing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kewal Kiran Clothing 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 Kewal Kiran. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kewal Kiran Clothing has no effect on the direction of Can Fin i.e., Can Fin and Kewal Kiran go up and down completely randomly.
Pair Corralation between Can Fin and Kewal Kiran
Assuming the 90 days trading horizon Can Fin Homes is expected to under-perform the Kewal Kiran. But the stock apears to be less risky and, when comparing its historical volatility, Can Fin Homes is 1.27 times less risky than Kewal Kiran. The stock trades about -0.19 of its potential returns per unit of risk. The Kewal Kiran Clothing is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 62,605 in Kewal Kiran Clothing on September 3, 2024 and sell it today you would earn a total of 585.00 from holding Kewal Kiran Clothing or generate 0.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Can Fin Homes vs. Kewal Kiran Clothing
Performance |
| Timeline |
| Can Fin Homes |
| Kewal Kiran Clothing |
Can Fin and Kewal Kiran Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Can Fin and Kewal Kiran
The main advantage of trading using opposite Can Fin and Kewal Kiran positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Can Fin position performs unexpectedly, Kewal Kiran 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 Kewal Kiran will offset losses from the drop in Kewal Kiran's long position.| Can Fin vs. Reliance Industries Limited | Can Fin vs. Shipping | Can Fin vs. Indo Borax Chemicals | Can Fin vs. Kingfa Science Technology |
| Kewal Kiran vs. Bajaj Holdings Investment | Kewal Kiran vs. Shipping | Kewal Kiran vs. Indo Borax Chemicals | Kewal Kiran 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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