Correlation Between Elin Electronics and Yes Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Elin Electronics Limited and Yes Bank Limited, you can compare the effects of market volatilities on Elin Electronics and Yes Bank 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 Yes Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elin Electronics and Yes Bank.
Diversification Opportunities for Elin Electronics and Yes Bank
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Elin and Yes is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Elin Electronics Limited and Yes Bank Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Bank Limited 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 Yes Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Bank Limited has no effect on the direction of Elin Electronics i.e., Elin Electronics and Yes Bank go up and down completely randomly.
Pair Corralation between Elin Electronics and Yes Bank
Assuming the 90 days trading horizon Elin Electronics Limited is expected to generate 1.76 times more return on investment than Yes Bank. However, Elin Electronics is 1.76 times more volatile than Yes Bank Limited. It trades about -0.02 of its potential returns per unit of risk. Yes Bank Limited is currently generating about -0.15 per unit of risk. If you would invest 23,337 in Elin Electronics Limited on September 2, 2024 and sell it today you would lose (1,486) from holding Elin Electronics Limited or give up 6.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elin Electronics Limited vs. Yes Bank Limited
Performance |
| Timeline |
| Elin Electronics |
| Yes Bank Limited |
Elin Electronics and Yes Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elin Electronics and Yes Bank
The main advantage of trading using opposite Elin Electronics and Yes Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elin Electronics position performs unexpectedly, Yes Bank 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 Yes Bank will offset losses from the drop in Yes Bank's long position.| Elin Electronics vs. Reliance Industries Limited | Elin Electronics vs. HDFC Bank Limited | Elin Electronics vs. Kingfa Science Technology | Elin Electronics vs. Rico Auto Industries |
| Yes Bank vs. Elin Electronics Limited | Yes Bank vs. Zenith Steel Pipes | Yes Bank vs. Niraj Ispat Industries | Yes Bank vs. DiGiSPICE Technologies 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |