Correlation Between CREDITACCESS GRAMEEN and Cantabil Retail
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By analyzing existing cross correlation between CREDITACCESS GRAMEEN LIMITED and Cantabil Retail India, you can compare the effects of market volatilities on CREDITACCESS GRAMEEN and Cantabil Retail 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 CREDITACCESS GRAMEEN with a short position of Cantabil Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of CREDITACCESS GRAMEEN and Cantabil Retail.
Diversification Opportunities for CREDITACCESS GRAMEEN and Cantabil Retail
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between CREDITACCESS and Cantabil is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding CREDITACCESS GRAMEEN LIMITED and Cantabil Retail India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cantabil Retail India and CREDITACCESS GRAMEEN 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 CREDITACCESS GRAMEEN LIMITED are associated (or correlated) with Cantabil Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cantabil Retail India has no effect on the direction of CREDITACCESS GRAMEEN i.e., CREDITACCESS GRAMEEN and Cantabil Retail go up and down completely randomly.
Pair Corralation between CREDITACCESS GRAMEEN and Cantabil Retail
Assuming the 90 days trading horizon CREDITACCESS GRAMEEN LIMITED is expected to generate 1.33 times more return on investment than Cantabil Retail. However, CREDITACCESS GRAMEEN is 1.33 times more volatile than Cantabil Retail India. It trades about 0.12 of its potential returns per unit of risk. Cantabil Retail India is currently generating about 0.13 per unit of risk. If you would invest 89,785 in CREDITACCESS GRAMEEN LIMITED on October 14, 2024 and sell it today you would earn a total of 7,835 from holding CREDITACCESS GRAMEEN LIMITED or generate 8.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CREDITACCESS GRAMEEN LIMITED vs. Cantabil Retail India
Performance |
| Timeline |
| CREDITACCESS GRAMEEN |
| Cantabil Retail India |
CREDITACCESS GRAMEEN and Cantabil Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CREDITACCESS GRAMEEN and Cantabil Retail
The main advantage of trading using opposite CREDITACCESS GRAMEEN and Cantabil Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CREDITACCESS GRAMEEN position performs unexpectedly, Cantabil Retail 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 Cantabil Retail will offset losses from the drop in Cantabil Retail's long position.| CREDITACCESS GRAMEEN vs. Hindware Home Innovation | CREDITACCESS GRAMEEN vs. Sintex Plastics Technology | CREDITACCESS GRAMEEN vs. Embassy Office Parks | CREDITACCESS GRAMEEN vs. EMBASSY OFFICE PARKS |
| Cantabil Retail vs. DCB Bank Limited | Cantabil Retail vs. Country Club Hospitality | Cantabil Retail vs. GPT Healthcare | Cantabil Retail vs. CREDITACCESS GRAMEEN 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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