Correlation Between COSMO FIRST and Emkay Global
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By analyzing existing cross correlation between COSMO FIRST LIMITED and Emkay Global Financial, you can compare the effects of market volatilities on COSMO FIRST and Emkay Global 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 COSMO FIRST with a short position of Emkay Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSMO FIRST and Emkay Global.
Diversification Opportunities for COSMO FIRST and Emkay Global
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between COSMO and Emkay is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding COSMO FIRST LIMITED and Emkay Global Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emkay Global Financial and COSMO FIRST 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 COSMO FIRST LIMITED are associated (or correlated) with Emkay Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emkay Global Financial has no effect on the direction of COSMO FIRST i.e., COSMO FIRST and Emkay Global go up and down completely randomly.
Pair Corralation between COSMO FIRST and Emkay Global
Assuming the 90 days trading horizon COSMO FIRST LIMITED is expected to generate 2.73 times more return on investment than Emkay Global. However, COSMO FIRST is 2.73 times more volatile than Emkay Global Financial. It trades about -0.01 of its potential returns per unit of risk. Emkay Global Financial is currently generating about -0.35 per unit of risk. If you would invest 95,480 in COSMO FIRST LIMITED on October 15, 2024 and sell it today you would lose (2,550) from holding COSMO FIRST LIMITED or give up 2.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
COSMO FIRST LIMITED vs. Emkay Global Financial
Performance |
| Timeline |
| COSMO FIRST LIMITED |
| Emkay Global Financial |
COSMO FIRST and Emkay Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COSMO FIRST and Emkay Global
The main advantage of trading using opposite COSMO FIRST and Emkay Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSMO FIRST position performs unexpectedly, Emkay Global 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 Emkay Global will offset losses from the drop in Emkay Global's long position.| COSMO FIRST vs. Gallantt Ispat Limited | COSMO FIRST vs. Reliance Communications Limited | COSMO FIRST vs. Hemisphere Properties India | COSMO FIRST vs. Aban Offshore Limited |
| Emkay Global vs. Kingfa Science Technology | Emkay Global vs. Rico Auto Industries | Emkay Global vs. GACM Technologies Limited | Emkay Global vs. COSMO FIRST 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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