Correlation Between Emkay Global and Bosch
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By analyzing existing cross correlation between Emkay Global Financial and Bosch Limited, you can compare the effects of market volatilities on Emkay Global and Bosch 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 Emkay Global with a short position of Bosch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Emkay Global and Bosch.
Diversification Opportunities for Emkay Global and Bosch
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Emkay and Bosch is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Emkay Global Financial and Bosch Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosch Limited and Emkay Global 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 Emkay Global Financial are associated (or correlated) with Bosch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosch Limited has no effect on the direction of Emkay Global i.e., Emkay Global and Bosch go up and down completely randomly.
Pair Corralation between Emkay Global and Bosch
Assuming the 90 days trading horizon Emkay Global Financial is expected to generate 2.21 times more return on investment than Bosch. However, Emkay Global is 2.21 times more volatile than Bosch Limited. It trades about 0.13 of its potential returns per unit of risk. Bosch Limited is currently generating about 0.04 per unit of risk. If you would invest 15,184 in Emkay Global Financial on October 12, 2024 and sell it today you would earn a total of 15,316 from holding Emkay Global Financial or generate 100.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.46% |
| Values | Daily Returns |
Emkay Global Financial vs. Bosch Limited
Performance |
| Timeline |
| Emkay Global Financial |
| Bosch Limited |
Emkay Global and Bosch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Emkay Global and Bosch
The main advantage of trading using opposite Emkay Global and Bosch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Emkay Global position performs unexpectedly, Bosch 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 Bosch will offset losses from the drop in Bosch's long position.| Emkay Global vs. Hindustan Media Ventures | Emkay Global vs. Bharatiya Global Infomedia | Emkay Global vs. The Indian Hotels | Emkay Global vs. Zee Entertainment Enterprises |
| Bosch vs. Emkay Global Financial | Bosch vs. Ankit Metal Power | Bosch vs. Karur Vysya Bank | Bosch vs. General Insurance |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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