Correlation Between Cantabil Retail and Pritish Nandy
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By analyzing existing cross correlation between Cantabil Retail India and Pritish Nandy Communications, you can compare the effects of market volatilities on Cantabil Retail and Pritish Nandy 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 Pritish Nandy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and Pritish Nandy.
Diversification Opportunities for Cantabil Retail and Pritish Nandy
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cantabil and Pritish is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and Pritish Nandy Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pritish Nandy Commun 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 Pritish Nandy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pritish Nandy Commun has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and Pritish Nandy go up and down completely randomly.
Pair Corralation between Cantabil Retail and Pritish Nandy
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 0.85 times more return on investment than Pritish Nandy. However, Cantabil Retail India is 1.17 times less risky than Pritish Nandy. It trades about 0.34 of its potential returns per unit of risk. Pritish Nandy Communications is currently generating about -0.15 per unit of risk. If you would invest 21,649 in Cantabil Retail India on October 11, 2024 and sell it today you would earn a total of 8,436 from holding Cantabil Retail India or generate 38.97% 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. Pritish Nandy Communications
Performance |
| Timeline |
| Cantabil Retail India |
| Pritish Nandy Commun |
Cantabil Retail and Pritish Nandy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantabil Retail and Pritish Nandy
The main advantage of trading using opposite Cantabil Retail and Pritish Nandy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, Pritish Nandy 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 Pritish Nandy will offset losses from the drop in Pritish Nandy's long position.| Cantabil Retail vs. Infomedia Press Limited | Cantabil Retail vs. Mangalore Chemicals Fertilizers | Cantabil Retail vs. Newgen Software Technologies | Cantabil Retail vs. Vishnu Chemicals Limited |
| Pritish Nandy vs. Sarveshwar Foods Limited | Pritish Nandy vs. Agro Tech Foods | Pritish Nandy vs. Tamilnadu Telecommunication Limited | Pritish Nandy vs. WESTLIFE FOODWORLD 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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