Correlation Between Cantabil Retail and Elin Electronics
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By analyzing existing cross correlation between Cantabil Retail India and Elin Electronics Limited, you can compare the effects of market volatilities on Cantabil Retail and Elin Electronics 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 Elin Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and Elin Electronics.
Diversification Opportunities for Cantabil Retail and Elin Electronics
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cantabil and Elin is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and Elin Electronics Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elin Electronics 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 Elin Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elin Electronics has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and Elin Electronics go up and down completely randomly.
Pair Corralation between Cantabil Retail and Elin Electronics
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 1.22 times more return on investment than Elin Electronics. However, Cantabil Retail is 1.22 times more volatile than Elin Electronics Limited. It trades about 0.02 of its potential returns per unit of risk. Elin Electronics Limited is currently generating about -0.34 per unit of risk. If you would invest 27,155 in Cantabil Retail India on October 25, 2024 and sell it today you would lose (5.00) from holding Cantabil Retail India or give up 0.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cantabil Retail India vs. Elin Electronics Limited
Performance |
| Timeline |
| Cantabil Retail India |
| Elin Electronics |
Cantabil Retail and Elin Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantabil Retail and Elin Electronics
The main advantage of trading using opposite Cantabil Retail and Elin Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, Elin Electronics 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 Elin Electronics will offset losses from the drop in Elin Electronics' long position.| Cantabil Retail vs. Sapphire Foods India | Cantabil Retail vs. Mrs Bectors Food | Cantabil Retail vs. Som Distilleries Breweries | Cantabil Retail vs. Patanjali Foods Limited |
| Elin Electronics vs. Reliance Industries Limited | Elin Electronics vs. Tata Consultancy Services | Elin Electronics vs. HDFC Bank Limited | Elin Electronics vs. Bharti Airtel 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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