Correlation Between Future Retail and Sintex Plastics
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By analyzing existing cross correlation between Future Retail Limited and Sintex Plastics Technology, you can compare the effects of market volatilities on Future Retail and Sintex Plastics 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 Sintex Plastics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Future Retail and Sintex Plastics.
Diversification Opportunities for Future Retail and Sintex Plastics
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Future and Sintex is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding Future Retail Limited and Sintex Plastics Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sintex Plastics Tech 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 Sintex Plastics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sintex Plastics Tech has no effect on the direction of Future Retail i.e., Future Retail and Sintex Plastics go up and down completely randomly.
Pair Corralation between Future Retail and Sintex Plastics
Assuming the 90 days trading horizon Future Retail Limited is expected to generate 1.15 times more return on investment than Sintex Plastics. However, Future Retail is 1.15 times more volatile than Sintex Plastics Technology. It trades about 0.01 of its potential returns per unit of risk. Sintex Plastics Technology is currently generating about -0.02 per unit of risk. If you would invest 240.00 in Future Retail Limited on September 2, 2024 and sell it today you would lose (12.00) from holding Future Retail Limited or give up 5.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 86.54% |
| Values | Daily Returns |
Future Retail Limited vs. Sintex Plastics Technology
Performance |
| Timeline |
| Future Retail Limited |
| Sintex Plastics Tech |
Future Retail and Sintex Plastics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Future Retail and Sintex Plastics
The main advantage of trading using opposite Future Retail and Sintex Plastics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Future Retail position performs unexpectedly, Sintex Plastics 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 Sintex Plastics will offset losses from the drop in Sintex Plastics' 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 |
| Sintex Plastics vs. Diligent Media | Sintex Plastics vs. Shree Pushkar Chemicals | Sintex Plastics vs. Bodhi Tree Multimedia | Sintex Plastics vs. Hindcon Chemicals 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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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