Correlation Between City Union and Hybrid Financial
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By analyzing existing cross correlation between City Union Bank and Hybrid Financial Services, you can compare the effects of market volatilities on City Union and Hybrid Financial 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 City Union with a short position of Hybrid Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of City Union and Hybrid Financial.
Diversification Opportunities for City Union and Hybrid Financial
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between City and Hybrid is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding City Union Bank and Hybrid Financial Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hybrid Financial Services and City Union 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 City Union Bank are associated (or correlated) with Hybrid Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hybrid Financial Services has no effect on the direction of City Union i.e., City Union and Hybrid Financial go up and down completely randomly.
Pair Corralation between City Union and Hybrid Financial
Assuming the 90 days trading horizon City Union Bank is expected to generate 0.54 times more return on investment than Hybrid Financial. However, City Union Bank is 1.87 times less risky than Hybrid Financial. It trades about 0.09 of its potential returns per unit of risk. Hybrid Financial Services is currently generating about -0.09 per unit of risk. If you would invest 17,574 in City Union Bank on September 1, 2024 and sell it today you would earn a total of 379.00 from holding City Union Bank or generate 2.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
City Union Bank vs. Hybrid Financial Services
Performance |
| Timeline |
| City Union Bank |
| Hybrid Financial Services |
City Union and Hybrid Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with City Union and Hybrid Financial
The main advantage of trading using opposite City Union and Hybrid Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if City Union position performs unexpectedly, Hybrid Financial 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 Hybrid Financial will offset losses from the drop in Hybrid Financial's long position.| City Union vs. Reliance Industrial Infrastructure | City Union vs. NRB Industrial Bearings | City Union vs. Indian Metals Ferro | City Union vs. Shivalik Bimetal Controls |
| Hybrid Financial vs. Nalwa Sons Investments | Hybrid Financial vs. Kalyani Investment | Hybrid Financial vs. Pilani Investment and | Hybrid Financial vs. Vardhman Holdings 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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