Correlation Between Future Retail and Elin Electronics
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By analyzing existing cross correlation between Future Retail Limited and Elin Electronics Limited, you can compare the effects of market volatilities on Future Retail and Elin Electronics 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 Future Retail with a short position of Elin Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Future Retail and Elin Electronics.
Diversification Opportunities for Future Retail and Elin Electronics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Future and Elin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Future Retail Limited and Elin Electronics Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elin Electronics and Future Retail 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 Future Retail Limited are associated (or correlated) with Elin Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elin Electronics has no effect on the direction of Future Retail i.e., Future Retail and Elin Electronics go up and down completely randomly.
Pair Corralation between Future Retail and Elin Electronics
Assuming the 90 days trading horizon Future Retail Limited is expected to under-perform the Elin Electronics. But the stock apears to be less risky and, when comparing its historical volatility, Future Retail Limited is 1.23 times less risky than Elin Electronics. The stock trades about -0.05 of its potential returns per unit of risk. The Elin Electronics Limited is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 15,175 in Elin Electronics Limited on September 14, 2024 and sell it today you would earn a total of 6,484 from holding Elin Electronics Limited or generate 42.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 89.06% |
| Values | Daily Returns |
Future Retail Limited vs. Elin Electronics Limited
Performance |
| Timeline |
| Future Retail Limited |
| Elin Electronics |
Future Retail and Elin Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Future Retail and Elin Electronics
The main advantage of trading using opposite Future Retail and Elin Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Future Retail position performs unexpectedly, Elin Electronics 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 Elin Electronics will offset losses from the drop in Elin Electronics' long position.| Future Retail vs. Kingfa Science Technology | Future Retail vs. Rico Auto Industries | Future Retail vs. GACM Technologies Limited | Future Retail vs. COSMO FIRST LIMITED |
| Elin Electronics vs. Reliance Industries Limited | Elin Electronics vs. Oil Natural Gas | Elin Electronics vs. ICICI Bank Limited | Elin Electronics 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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