Correlation Between EMBASSY OFFICE and Can Fin
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By analyzing existing cross correlation between EMBASSY OFFICE PARKS and Can Fin Homes, you can compare the effects of market volatilities on EMBASSY OFFICE and Can Fin 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 EMBASSY OFFICE with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of EMBASSY OFFICE and Can Fin.
Diversification Opportunities for EMBASSY OFFICE and Can Fin
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between EMBASSY and Can is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding EMBASSY OFFICE PARKS and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and EMBASSY OFFICE 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 EMBASSY OFFICE PARKS are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of EMBASSY OFFICE i.e., EMBASSY OFFICE and Can Fin go up and down completely randomly.
Pair Corralation between EMBASSY OFFICE and Can Fin
Assuming the 90 days trading horizon EMBASSY OFFICE PARKS is expected to under-perform the Can Fin. But the stock apears to be less risky and, when comparing its historical volatility, EMBASSY OFFICE PARKS is 1.08 times less risky than Can Fin. The stock trades about -0.3 of its potential returns per unit of risk. The Can Fin Homes is currently generating about -0.27 of returns per unit of risk over similar time horizon. If you would invest 87,640 in Can Fin Homes on September 2, 2024 and sell it today you would lose (5,245) from holding Can Fin Homes or give up 5.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EMBASSY OFFICE PARKS vs. Can Fin Homes
Performance |
| Timeline |
| EMBASSY OFFICE PARKS |
| Can Fin Homes |
EMBASSY OFFICE and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EMBASSY OFFICE and Can Fin
The main advantage of trading using opposite EMBASSY OFFICE and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EMBASSY OFFICE position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.| EMBASSY OFFICE vs. NMDC Limited | EMBASSY OFFICE vs. Steel Authority of | EMBASSY OFFICE vs. Gujarat Narmada Valley | EMBASSY OFFICE vs. JTL Industries |
| Can Fin vs. Reliance Industries Limited | Can Fin vs. Oil Natural Gas | Can Fin vs. ICICI Bank Limited | Can Fin vs. Bharti Airtel 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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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