Correlation Between CREDITACCESS GRAMEEN and Jindal Poly
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By analyzing existing cross correlation between CREDITACCESS GRAMEEN LIMITED and Jindal Poly Investment, you can compare the effects of market volatilities on CREDITACCESS GRAMEEN and Jindal Poly 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 Jindal Poly. Check out your portfolio center. Please also check ongoing floating volatility patterns of CREDITACCESS GRAMEEN and Jindal Poly.
Diversification Opportunities for CREDITACCESS GRAMEEN and Jindal Poly
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CREDITACCESS and Jindal is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding CREDITACCESS GRAMEEN LIMITED and Jindal Poly Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jindal Poly Investment 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 Jindal Poly. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jindal Poly Investment has no effect on the direction of CREDITACCESS GRAMEEN i.e., CREDITACCESS GRAMEEN and Jindal Poly go up and down completely randomly.
Pair Corralation between CREDITACCESS GRAMEEN and Jindal Poly
Assuming the 90 days trading horizon CREDITACCESS GRAMEEN LIMITED is expected to generate 1.83 times more return on investment than Jindal Poly. However, CREDITACCESS GRAMEEN is 1.83 times more volatile than Jindal Poly Investment. It trades about 0.12 of its potential returns per unit of risk. Jindal Poly Investment is currently generating about -0.31 per unit of risk. If you would invest 91,660 in CREDITACCESS GRAMEEN LIMITED on October 11, 2024 and sell it today you would earn a total of 8,295 from holding CREDITACCESS GRAMEEN LIMITED or generate 9.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CREDITACCESS GRAMEEN LIMITED vs. Jindal Poly Investment
Performance |
| Timeline |
| CREDITACCESS GRAMEEN |
| Jindal Poly Investment |
CREDITACCESS GRAMEEN and Jindal Poly Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CREDITACCESS GRAMEEN and Jindal Poly
The main advantage of trading using opposite CREDITACCESS GRAMEEN and Jindal Poly positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CREDITACCESS GRAMEEN position performs unexpectedly, Jindal Poly 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 Jindal Poly will offset losses from the drop in Jindal Poly's long position.| CREDITACCESS GRAMEEN vs. Vraj Iron and | CREDITACCESS GRAMEEN vs. Kalyani Steels Limited | CREDITACCESS GRAMEEN vs. HDFC Asset Management | CREDITACCESS GRAMEEN vs. STEEL EXCHANGE INDIA |
| Jindal Poly vs. PB Fintech Limited | Jindal Poly vs. CREDITACCESS GRAMEEN LIMITED | Jindal Poly vs. Kingfa Science Technology | Jindal Poly vs. Selan Exploration 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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