Correlation Between Cantabil Retail and Apex Frozen
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By analyzing existing cross correlation between Cantabil Retail India and Apex Frozen Foods, you can compare the effects of market volatilities on Cantabil Retail and Apex Frozen 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 Cantabil Retail with a short position of Apex Frozen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and Apex Frozen.
Diversification Opportunities for Cantabil Retail and Apex Frozen
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cantabil and Apex is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and Apex Frozen Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apex Frozen Foods and Cantabil Retail 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 Cantabil Retail India are associated (or correlated) with Apex Frozen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apex Frozen Foods has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and Apex Frozen go up and down completely randomly.
Pair Corralation between Cantabil Retail and Apex Frozen
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 7.1 times more return on investment than Apex Frozen. However, Cantabil Retail is 7.1 times more volatile than Apex Frozen Foods. It trades about 0.04 of its potential returns per unit of risk. Apex Frozen Foods is currently generating about 0.01 per unit of risk. If you would invest 23,170 in Cantabil Retail India on October 14, 2024 and sell it today you would earn a total of 6,310 from holding Cantabil Retail India or generate 27.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Cantabil Retail India vs. Apex Frozen Foods
Performance |
| Timeline |
| Cantabil Retail India |
| Apex Frozen Foods |
Cantabil Retail and Apex Frozen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantabil Retail and Apex Frozen
The main advantage of trading using opposite Cantabil Retail and Apex Frozen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, Apex Frozen 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 Apex Frozen will offset losses from the drop in Apex Frozen's long position.| Cantabil Retail vs. Aban Offshore Limited | Cantabil Retail vs. Allied Blenders Distillers | Cantabil Retail vs. Spandana Sphoorty Financial | Cantabil Retail vs. DCM Financial Services |
| Apex Frozen vs. Baazar Style Retail | Apex Frozen vs. Silgo Retail Limited | Apex Frozen vs. Cantabil Retail India | Apex Frozen vs. Jubilant Foodworks Limited |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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