Correlation Between CREDITACCESS GRAMEEN and Mangalam Drugs
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By analyzing existing cross correlation between CREDITACCESS GRAMEEN LIMITED and Mangalam Drugs And, you can compare the effects of market volatilities on CREDITACCESS GRAMEEN and Mangalam Drugs 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 Mangalam Drugs. Check out your portfolio center. Please also check ongoing floating volatility patterns of CREDITACCESS GRAMEEN and Mangalam Drugs.
Diversification Opportunities for CREDITACCESS GRAMEEN and Mangalam Drugs
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CREDITACCESS and Mangalam is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding CREDITACCESS GRAMEEN LIMITED and Mangalam Drugs And in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mangalam Drugs And 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 Mangalam Drugs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mangalam Drugs And has no effect on the direction of CREDITACCESS GRAMEEN i.e., CREDITACCESS GRAMEEN and Mangalam Drugs go up and down completely randomly.
Pair Corralation between CREDITACCESS GRAMEEN and Mangalam Drugs
Assuming the 90 days trading horizon CREDITACCESS GRAMEEN LIMITED is expected to generate 1.72 times more return on investment than Mangalam Drugs. However, CREDITACCESS GRAMEEN is 1.72 times more volatile than Mangalam Drugs And. It trades about 0.03 of its potential returns per unit of risk. Mangalam Drugs And is currently generating about -0.19 per unit of risk. If you would invest 90,200 in CREDITACCESS GRAMEEN LIMITED on October 30, 2024 and sell it today you would earn a total of 2,180 from holding CREDITACCESS GRAMEEN LIMITED or generate 2.42% 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. Mangalam Drugs And
Performance |
| Timeline |
| CREDITACCESS GRAMEEN |
| Mangalam Drugs And |
CREDITACCESS GRAMEEN and Mangalam Drugs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CREDITACCESS GRAMEEN and Mangalam Drugs
The main advantage of trading using opposite CREDITACCESS GRAMEEN and Mangalam Drugs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CREDITACCESS GRAMEEN position performs unexpectedly, Mangalam Drugs 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 Mangalam Drugs will offset losses from the drop in Mangalam Drugs' long position.| CREDITACCESS GRAMEEN vs. R S Software | CREDITACCESS GRAMEEN vs. Cambridge Technology Enterprises | CREDITACCESS GRAMEEN vs. Computer Age Management | CREDITACCESS GRAMEEN vs. Nahar Industrial Enterprises |
| Mangalam Drugs vs. Viceroy Hotels Limited | Mangalam Drugs vs. Lemon Tree Hotels | Mangalam Drugs vs. Juniper Hotels | Mangalam Drugs vs. Chalet Hotels 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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