Correlation Between COSMO FIRST and Swelect Energy
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By analyzing existing cross correlation between COSMO FIRST LIMITED and Swelect Energy Systems, you can compare the effects of market volatilities on COSMO FIRST and Swelect Energy 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 Swelect Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSMO FIRST and Swelect Energy.
Diversification Opportunities for COSMO FIRST and Swelect Energy
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between COSMO and Swelect is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding COSMO FIRST LIMITED and Swelect Energy Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Swelect Energy Systems 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 Swelect Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Swelect Energy Systems has no effect on the direction of COSMO FIRST i.e., COSMO FIRST and Swelect Energy go up and down completely randomly.
Pair Corralation between COSMO FIRST and Swelect Energy
Assuming the 90 days trading horizon COSMO FIRST LIMITED is expected to generate 3.19 times more return on investment than Swelect Energy. However, COSMO FIRST is 3.19 times more volatile than Swelect Energy Systems. It trades about 0.12 of its potential returns per unit of risk. Swelect Energy Systems is currently generating about -0.43 per unit of risk. If you would invest 84,960 in COSMO FIRST LIMITED on October 12, 2024 and sell it today you would earn a total of 9,390 from holding COSMO FIRST LIMITED or generate 11.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
COSMO FIRST LIMITED vs. Swelect Energy Systems
Performance |
| Timeline |
| COSMO FIRST LIMITED |
| Swelect Energy Systems |
COSMO FIRST and Swelect Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COSMO FIRST and Swelect Energy
The main advantage of trading using opposite COSMO FIRST and Swelect Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSMO FIRST position performs unexpectedly, Swelect Energy 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 Swelect Energy will offset losses from the drop in Swelect Energy's long position.| COSMO FIRST vs. Jayant Agro Organics | COSMO FIRST vs. Dodla Dairy Limited | COSMO FIRST vs. ADF Foods Limited | COSMO FIRST vs. Man Infraconstruction Limited |
| Swelect Energy vs. Kingfa Science Technology | Swelect Energy vs. Rico Auto Industries | Swelect Energy vs. GACM Technologies Limited | Swelect Energy 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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