Correlation Between GACM Technologies and Emkay Global
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By analyzing existing cross correlation between GACM Technologies Limited and Emkay Global Financial, you can compare the effects of market volatilities on GACM Technologies and Emkay Global 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 GACM Technologies with a short position of Emkay Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of GACM Technologies and Emkay Global.
Diversification Opportunities for GACM Technologies and Emkay Global
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between GACM and Emkay is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding GACM Technologies Limited and Emkay Global Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emkay Global Financial and GACM Technologies 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 GACM Technologies Limited are associated (or correlated) with Emkay Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emkay Global Financial has no effect on the direction of GACM Technologies i.e., GACM Technologies and Emkay Global go up and down completely randomly.
Pair Corralation between GACM Technologies and Emkay Global
Assuming the 90 days trading horizon GACM Technologies Limited is expected to generate 0.67 times more return on investment than Emkay Global. However, GACM Technologies Limited is 1.5 times less risky than Emkay Global. It trades about -0.26 of its potential returns per unit of risk. Emkay Global Financial is currently generating about -0.35 per unit of risk. If you would invest 97.00 in GACM Technologies Limited on October 15, 2024 and sell it today you would lose (5.00) from holding GACM Technologies Limited or give up 5.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GACM Technologies Limited vs. Emkay Global Financial
Performance |
| Timeline |
| GACM Technologies |
| Emkay Global Financial |
GACM Technologies and Emkay Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GACM Technologies and Emkay Global
The main advantage of trading using opposite GACM Technologies and Emkay Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GACM Technologies position performs unexpectedly, Emkay Global 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 Emkay Global will offset losses from the drop in Emkay Global's long position.| GACM Technologies vs. EMBASSY OFFICE PARKS | GACM Technologies vs. SAL Steel Limited | GACM Technologies vs. Nazara Technologies Limited | GACM Technologies vs. Orient Technologies Limited |
| Emkay Global vs. Kingfa Science Technology | Emkay Global vs. Rico Auto Industries | Emkay Global vs. GACM Technologies Limited | Emkay Global 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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