Correlation Between Cantabil Retail and Home First
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By analyzing existing cross correlation between Cantabil Retail India and Home First Finance, you can compare the effects of market volatilities on Cantabil Retail and Home First 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 Home First. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and Home First.
Diversification Opportunities for Cantabil Retail and Home First
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cantabil and Home is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and Home First Finance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Home First Finance 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 Home First. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Home First Finance has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and Home First go up and down completely randomly.
Pair Corralation between Cantabil Retail and Home First
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 1.04 times more return on investment than Home First. However, Cantabil Retail is 1.04 times more volatile than Home First Finance. It trades about 0.06 of its potential returns per unit of risk. Home First Finance is currently generating about -0.06 per unit of risk. If you would invest 24,323 in Cantabil Retail India on November 2, 2024 and sell it today you would earn a total of 3,517 from holding Cantabil Retail India or generate 14.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cantabil Retail India vs. Home First Finance
Performance |
| Timeline |
| Cantabil Retail India |
| Home First Finance |
Cantabil Retail and Home First Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantabil Retail and Home First
The main advantage of trading using opposite Cantabil Retail and Home First positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, Home First 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 Home First will offset losses from the drop in Home First's long position.| Cantabil Retail vs. UFO Moviez India | Cantabil Retail vs. Indraprastha Medical | Cantabil Retail vs. LLOYDS METALS AND | Cantabil Retail vs. Manaksia Coated Metals |
| Home First vs. Network18 Media Investments | Home First vs. Omkar Speciality Chemicals | Home First vs. Infomedia Press Limited | Home First vs. JGCHEMICALS 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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