Correlation Between Emkay Global and Hilton Metal
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By analyzing existing cross correlation between Emkay Global Financial and Hilton Metal Forging, you can compare the effects of market volatilities on Emkay Global and Hilton Metal 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 Hilton Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Emkay Global and Hilton Metal.
Diversification Opportunities for Emkay Global and Hilton Metal
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Emkay and Hilton is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Emkay Global Financial and Hilton Metal Forging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hilton Metal Forging 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 Hilton Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hilton Metal Forging has no effect on the direction of Emkay Global i.e., Emkay Global and Hilton Metal go up and down completely randomly.
Pair Corralation between Emkay Global and Hilton Metal
Assuming the 90 days trading horizon Emkay Global Financial is expected to under-perform the Hilton Metal. But the stock apears to be less risky and, when comparing its historical volatility, Emkay Global Financial is 1.64 times less risky than Hilton Metal. The stock trades about -0.29 of its potential returns per unit of risk. The Hilton Metal Forging is currently generating about -0.15 of returns per unit of risk over similar time horizon. If you would invest 10,178 in Hilton Metal Forging on October 28, 2024 and sell it today you would lose (1,268) from holding Hilton Metal Forging or give up 12.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Emkay Global Financial vs. Hilton Metal Forging
Performance |
| Timeline |
| Emkay Global Financial |
| Hilton Metal Forging |
Emkay Global and Hilton Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Emkay Global and Hilton Metal
The main advantage of trading using opposite Emkay Global and Hilton Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Emkay Global position performs unexpectedly, Hilton Metal 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 Hilton Metal will offset losses from the drop in Hilton Metal's long position.| Emkay Global vs. JB Chemicals Pharmaceuticals | Emkay Global vs. Varun Beverages Limited | Emkay Global vs. Southern Petrochemicals Industries | Emkay Global vs. Kewal Kiran Clothing |
| Hilton Metal vs. Kingfa Science Technology | Hilton Metal vs. Rico Auto Industries | Hilton Metal vs. GACM Technologies Limited | Hilton Metal vs. COSMO FIRST 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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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