Correlation Between Elin Electronics and MEDI ASSIST
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By analyzing existing cross correlation between Elin Electronics Limited and MEDI ASSIST HEALTHCARE, you can compare the effects of market volatilities on Elin Electronics and MEDI ASSIST 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 Elin Electronics with a short position of MEDI ASSIST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elin Electronics and MEDI ASSIST.
Diversification Opportunities for Elin Electronics and MEDI ASSIST
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Elin and MEDI is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Elin Electronics Limited and MEDI ASSIST HEALTHCARE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MEDI ASSIST HEALTHCARE and Elin Electronics 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 Elin Electronics Limited are associated (or correlated) with MEDI ASSIST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MEDI ASSIST HEALTHCARE has no effect on the direction of Elin Electronics i.e., Elin Electronics and MEDI ASSIST go up and down completely randomly.
Pair Corralation between Elin Electronics and MEDI ASSIST
Assuming the 90 days trading horizon Elin Electronics Limited is expected to under-perform the MEDI ASSIST. In addition to that, Elin Electronics is 1.13 times more volatile than MEDI ASSIST HEALTHCARE. It trades about -0.31 of its total potential returns per unit of risk. MEDI ASSIST HEALTHCARE is currently generating about -0.02 per unit of volatility. If you would invest 61,800 in MEDI ASSIST HEALTHCARE on October 17, 2024 and sell it today you would lose (1,235) from holding MEDI ASSIST HEALTHCARE or give up 2.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elin Electronics Limited vs. MEDI ASSIST HEALTHCARE
Performance |
| Timeline |
| Elin Electronics |
| MEDI ASSIST HEALTHCARE |
Elin Electronics and MEDI ASSIST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elin Electronics and MEDI ASSIST
The main advantage of trading using opposite Elin Electronics and MEDI ASSIST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elin Electronics position performs unexpectedly, MEDI ASSIST 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 MEDI ASSIST will offset losses from the drop in MEDI ASSIST's long position.| Elin Electronics vs. Kalyani Investment | Elin Electronics vs. Syrma SGS Technology | Elin Electronics vs. Sonata Software Limited | Elin Electronics vs. Selan Exploration Technology |
| MEDI ASSIST vs. Centum Electronics Limited | MEDI ASSIST vs. Elin Electronics Limited | MEDI ASSIST vs. Sportking India Limited | MEDI ASSIST vs. Repco Home Finance |
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 Stocks Directory module to find actively traded stocks across global markets.
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