Correlation Between GACM Technologies and ICICI Bank
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By analyzing existing cross correlation between GACM Technologies Limited and ICICI Bank Limited, you can compare the effects of market volatilities on GACM Technologies and ICICI Bank 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 ICICI Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of GACM Technologies and ICICI Bank.
Diversification Opportunities for GACM Technologies and ICICI Bank
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between GACM and ICICI is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding GACM Technologies Limited and ICICI Bank Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICICI Bank Limited 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 ICICI Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICICI Bank Limited has no effect on the direction of GACM Technologies i.e., GACM Technologies and ICICI Bank go up and down completely randomly.
Pair Corralation between GACM Technologies and ICICI Bank
Assuming the 90 days trading horizon GACM Technologies Limited is expected to under-perform the ICICI Bank. In addition to that, GACM Technologies is 2.77 times more volatile than ICICI Bank Limited. It trades about -0.23 of its total potential returns per unit of risk. ICICI Bank Limited is currently generating about 0.09 per unit of volatility. If you would invest 98,983 in ICICI Bank Limited on September 24, 2024 and sell it today you would earn a total of 29,857 from holding ICICI Bank Limited or generate 30.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.18% |
| Values | Daily Returns |
GACM Technologies Limited vs. ICICI Bank Limited
Performance |
| Timeline |
| GACM Technologies |
| ICICI Bank Limited |
GACM Technologies and ICICI Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GACM Technologies and ICICI Bank
The main advantage of trading using opposite GACM Technologies and ICICI Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GACM Technologies position performs unexpectedly, ICICI Bank 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 ICICI Bank will offset losses from the drop in ICICI Bank's long position.| GACM Technologies vs. Bajaj Holdings Investment | GACM Technologies vs. HDFC Asset Management | GACM Technologies vs. Nippon Life India | GACM Technologies vs. 360 ONE WAM |
| ICICI Bank vs. Kingfa Science Technology | ICICI Bank vs. Rico Auto Industries | ICICI Bank vs. GACM Technologies Limited | ICICI Bank 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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