Correlation Between Cantabil Retail and Punjab Sind
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By analyzing existing cross correlation between Cantabil Retail India and Punjab Sind Bank, you can compare the effects of market volatilities on Cantabil Retail and Punjab Sind 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 Punjab Sind. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and Punjab Sind.
Diversification Opportunities for Cantabil Retail and Punjab Sind
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cantabil and Punjab is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and Punjab Sind Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Punjab Sind Bank 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 Punjab Sind. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Punjab Sind Bank has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and Punjab Sind go up and down completely randomly.
Pair Corralation between Cantabil Retail and Punjab Sind
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 0.91 times more return on investment than Punjab Sind. However, Cantabil Retail India is 1.1 times less risky than Punjab Sind. It trades about 0.08 of its potential returns per unit of risk. Punjab Sind Bank is currently generating about -0.07 per unit of risk. If you would invest 24,278 in Cantabil Retail India on October 18, 2024 and sell it today you would earn a total of 3,672 from holding Cantabil Retail India or generate 15.12% 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. Punjab Sind Bank
Performance |
| Timeline |
| Cantabil Retail India |
| Punjab Sind Bank |
Cantabil Retail and Punjab Sind Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantabil Retail and Punjab Sind
The main advantage of trading using opposite Cantabil Retail and Punjab Sind positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, Punjab Sind 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 Punjab Sind will offset losses from the drop in Punjab Sind's long position.| Cantabil Retail vs. Pilani Investment and | Cantabil Retail vs. SIL Investments Limited | Cantabil Retail vs. Univa Foods Limited | Cantabil Retail vs. Hindustan Foods Limited |
| Punjab Sind vs. AXISCADES Technologies Limited | Punjab Sind vs. Cantabil Retail India | Punjab Sind vs. Nazara Technologies Limited | Punjab Sind vs. Le Travenues Technology |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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