Correlation Between CREDITACCESS GRAMEEN and Ratnamani Metals
Specify exactly 2 symbols:
By analyzing existing cross correlation between CREDITACCESS GRAMEEN LIMITED and Ratnamani Metals Tubes, you can compare the effects of market volatilities on CREDITACCESS GRAMEEN and Ratnamani Metals 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 Ratnamani Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of CREDITACCESS GRAMEEN and Ratnamani Metals.
Diversification Opportunities for CREDITACCESS GRAMEEN and Ratnamani Metals
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CREDITACCESS and Ratnamani is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding CREDITACCESS GRAMEEN LIMITED and Ratnamani Metals Tubes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ratnamani Metals Tubes 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 Ratnamani Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ratnamani Metals Tubes has no effect on the direction of CREDITACCESS GRAMEEN i.e., CREDITACCESS GRAMEEN and Ratnamani Metals go up and down completely randomly.
Pair Corralation between CREDITACCESS GRAMEEN and Ratnamani Metals
Assuming the 90 days trading horizon CREDITACCESS GRAMEEN LIMITED is expected to under-perform the Ratnamani Metals. In addition to that, CREDITACCESS GRAMEEN is 2.53 times more volatile than Ratnamani Metals Tubes. It trades about -0.11 of its total potential returns per unit of risk. Ratnamani Metals Tubes is currently generating about -0.06 per unit of volatility. If you would invest 253,920 in Ratnamani Metals Tubes on December 15, 2024 and sell it today you would lose (6,410) from holding Ratnamani Metals Tubes or give up 2.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CREDITACCESS GRAMEEN LIMITED vs. Ratnamani Metals Tubes
Performance |
| Timeline |
| CREDITACCESS GRAMEEN |
| Ratnamani Metals Tubes |
CREDITACCESS GRAMEEN and Ratnamani Metals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CREDITACCESS GRAMEEN and Ratnamani Metals
The main advantage of trading using opposite CREDITACCESS GRAMEEN and Ratnamani Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CREDITACCESS GRAMEEN position performs unexpectedly, Ratnamani Metals 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 Ratnamani Metals will offset losses from the drop in Ratnamani Metals' long position.| CREDITACCESS GRAMEEN vs. Indian Metals Ferro | ||
| CREDITACCESS GRAMEEN vs. BF Utilities Limited | ||
| CREDITACCESS GRAMEEN vs. Vertoz Advertising Limited | ||
| CREDITACCESS GRAMEEN vs. Varun Beverages Limited |
| Ratnamani Metals vs. Hindustan Construction | ||
| Ratnamani Metals vs. IDBI Bank Limited | ||
| Ratnamani Metals vs. CREDITACCESS GRAMEEN LIMITED | ||
| Ratnamani Metals vs. Kotak Mahindra Bank |
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.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |