Correlation Between Eros International and Blue Jet
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By analyzing existing cross correlation between Eros International Media and Blue Jet Healthcare, you can compare the effects of market volatilities on Eros International and Blue Jet 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 Eros International with a short position of Blue Jet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eros International and Blue Jet.
Diversification Opportunities for Eros International and Blue Jet
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eros and Blue is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Eros International Media and Blue Jet Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Jet Healthcare and Eros International 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 Eros International Media are associated (or correlated) with Blue Jet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Jet Healthcare has no effect on the direction of Eros International i.e., Eros International and Blue Jet go up and down completely randomly.
Pair Corralation between Eros International and Blue Jet
Assuming the 90 days trading horizon Eros International Media is expected to under-perform the Blue Jet. In addition to that, Eros International is 1.17 times more volatile than Blue Jet Healthcare. It trades about -0.04 of its total potential returns per unit of risk. Blue Jet Healthcare is currently generating about 0.09 per unit of volatility. If you would invest 41,261 in Blue Jet Healthcare on November 6, 2024 and sell it today you would earn a total of 33,784 from holding Blue Jet Healthcare or generate 81.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 63.73% |
| Values | Daily Returns |
Eros International Media vs. Blue Jet Healthcare
Performance |
| Timeline |
| Eros International Media |
| Blue Jet Healthcare |
Eros International and Blue Jet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eros International and Blue Jet
The main advantage of trading using opposite Eros International and Blue Jet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eros International position performs unexpectedly, Blue Jet 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 Blue Jet will offset losses from the drop in Blue Jet's long position.| Eros International vs. Data Patterns Limited | Eros International vs. ILFS Investment Managers | Eros International vs. Transport of | Eros International vs. Navneet Education Limited |
| Blue Jet vs. Associated Alcohols Breweries | Blue Jet vs. Tata Investment | Blue Jet vs. Ravi Kumar Distilleries | Blue Jet vs. Industrial Investment Trust |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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