Correlation Between Elin Electronics and Baazar Style
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By analyzing existing cross correlation between Elin Electronics Limited and Baazar Style Retail, you can compare the effects of market volatilities on Elin Electronics and Baazar Style 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 Baazar Style. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elin Electronics and Baazar Style.
Diversification Opportunities for Elin Electronics and Baazar Style
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Elin and Baazar is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Elin Electronics Limited and Baazar Style Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baazar Style Retail 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 Baazar Style. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baazar Style Retail has no effect on the direction of Elin Electronics i.e., Elin Electronics and Baazar Style go up and down completely randomly.
Pair Corralation between Elin Electronics and Baazar Style
Assuming the 90 days trading horizon Elin Electronics Limited is expected to under-perform the Baazar Style. But the stock apears to be less risky and, when comparing its historical volatility, Elin Electronics Limited is 1.04 times less risky than Baazar Style. The stock trades about -0.35 of its potential returns per unit of risk. The Baazar Style Retail is currently generating about -0.18 of returns per unit of risk over similar time horizon. If you would invest 32,785 in Baazar Style Retail on October 20, 2024 and sell it today you would lose (4,025) from holding Baazar Style Retail or give up 12.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elin Electronics Limited vs. Baazar Style Retail
Performance |
| Timeline |
| Elin Electronics |
| Baazar Style Retail |
Elin Electronics and Baazar Style Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elin Electronics and Baazar Style
The main advantage of trading using opposite Elin Electronics and Baazar Style positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elin Electronics position performs unexpectedly, Baazar Style 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 Baazar Style will offset losses from the drop in Baazar Style's long position.| Elin Electronics vs. The Investment Trust | Elin Electronics vs. Kalyani Investment | Elin Electronics vs. UTI Asset Management | Elin Electronics vs. Indian Metals Ferro |
| Baazar Style vs. Bikaji Foods International | Baazar Style vs. Agro Tech Foods | Baazar Style vs. The Federal Bank | Baazar Style vs. Univa Foods 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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