Correlation Between Foods Inns and Silly Monks
Specify exactly 2 symbols:
By analyzing existing cross correlation between Foods Inns Limited and Silly Monks Entertainment, you can compare the effects of market volatilities on Foods Inns and Silly Monks 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 Foods Inns with a short position of Silly Monks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Foods Inns and Silly Monks.
Diversification Opportunities for Foods Inns and Silly Monks
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Foods and Silly is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Foods Inns Limited and Silly Monks Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silly Monks Entertainment and Foods Inns 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 Foods Inns Limited are associated (or correlated) with Silly Monks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silly Monks Entertainment has no effect on the direction of Foods Inns i.e., Foods Inns and Silly Monks go up and down completely randomly.
Pair Corralation between Foods Inns and Silly Monks
Assuming the 90 days trading horizon Foods Inns Limited is expected to under-perform the Silly Monks. But the stock apears to be less risky and, when comparing its historical volatility, Foods Inns Limited is 1.07 times less risky than Silly Monks. The stock trades about -0.04 of its potential returns per unit of risk. The Silly Monks Entertainment is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,135 in Silly Monks Entertainment on September 2, 2024 and sell it today you would earn a total of 42.00 from holding Silly Monks Entertainment or generate 1.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.59% |
| Values | Daily Returns |
Foods Inns Limited vs. Silly Monks Entertainment
Performance |
| Timeline |
| Foods Inns Limited |
| Silly Monks Entertainment |
Foods Inns and Silly Monks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Foods Inns and Silly Monks
The main advantage of trading using opposite Foods Inns and Silly Monks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Foods Inns position performs unexpectedly, Silly Monks 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 Silly Monks will offset losses from the drop in Silly Monks' long position.| Foods Inns vs. Britannia Industries Limited | Foods Inns vs. TATA SUMER PRODUCTS | Foods Inns vs. Patanjali Foods Limited | Foods Inns vs. Bikaji Foods International |
| Silly Monks vs. Clean Science and | Silly Monks vs. Vertoz Advertising Limited | Silly Monks vs. Ratnamani Metals Tubes | Silly Monks vs. Styrenix Performance Materials |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |