Correlation Between Cantabil Retail and India Glycols
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By analyzing existing cross correlation between Cantabil Retail India and India Glycols Limited, you can compare the effects of market volatilities on Cantabil Retail and India Glycols 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 India Glycols. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and India Glycols.
Diversification Opportunities for Cantabil Retail and India Glycols
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cantabil and India is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and India Glycols Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on India Glycols Limited 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 India Glycols. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of India Glycols Limited has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and India Glycols go up and down completely randomly.
Pair Corralation between Cantabil Retail and India Glycols
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 7.27 times more return on investment than India Glycols. However, Cantabil Retail is 7.27 times more volatile than India Glycols Limited. It trades about 0.04 of its potential returns per unit of risk. India Glycols Limited is currently generating about 0.06 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 | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Cantabil Retail India vs. India Glycols Limited
Performance |
| Timeline |
| Cantabil Retail India |
| India Glycols Limited |
Cantabil Retail and India Glycols Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantabil Retail and India Glycols
The main advantage of trading using opposite Cantabil Retail and India Glycols positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, India Glycols 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 India Glycols will offset losses from the drop in India Glycols' long position.| Cantabil Retail vs. DCB Bank Limited | Cantabil Retail vs. Country Club Hospitality | Cantabil Retail vs. GPT Healthcare | Cantabil Retail vs. CREDITACCESS GRAMEEN LIMITED |
| India Glycols vs. Apollo Sindoori Hotels | India Glycols vs. Kamat Hotels Limited | India Glycols vs. Sintex Plastics Technology | India Glycols vs. Cantabil Retail India |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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