Correlation Between Cantabil Retail and GACM Technologies
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By analyzing existing cross correlation between Cantabil Retail India and GACM Technologies Limited, you can compare the effects of market volatilities on Cantabil Retail and GACM Technologies 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 GACM Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and GACM Technologies.
Diversification Opportunities for Cantabil Retail and GACM Technologies
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cantabil and GACM is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and GACM Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GACM Technologies 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 GACM Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GACM Technologies has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and GACM Technologies go up and down completely randomly.
Pair Corralation between Cantabil Retail and GACM Technologies
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 5.28 times more return on investment than GACM Technologies. However, Cantabil Retail is 5.28 times more volatile than GACM Technologies Limited. It trades about 0.04 of its potential returns per unit of risk. GACM Technologies Limited is currently generating about -0.2 per unit of risk. If you would invest 23,988 in Cantabil Retail India on September 14, 2024 and sell it today you would earn a total of 1,838 from holding Cantabil Retail India or generate 7.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 72.63% |
| Values | Daily Returns |
Cantabil Retail India vs. GACM Technologies Limited
Performance |
| Timeline |
| Cantabil Retail India |
| GACM Technologies |
Cantabil Retail and GACM Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantabil Retail and GACM Technologies
The main advantage of trading using opposite Cantabil Retail and GACM Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, GACM Technologies 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 GACM Technologies will offset losses from the drop in GACM Technologies' long position.| Cantabil Retail vs. Hindustan Copper Limited | Cantabil Retail vs. Kamat Hotels Limited | Cantabil Retail vs. Blue Coast Hotels | Cantabil Retail vs. Styrenix Performance Materials |
| GACM Technologies vs. Cantabil Retail India | GACM Technologies vs. Sonata Software Limited | GACM Technologies vs. Palred Technologies Limited | GACM Technologies vs. ZF Commercial Vehicle |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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