Correlation Between Generic Engineering and Jindal Poly
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By analyzing existing cross correlation between Generic Engineering Construction and Jindal Poly Investment, you can compare the effects of market volatilities on Generic Engineering and Jindal Poly 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 Generic Engineering with a short position of Jindal Poly. Check out your portfolio center. Please also check ongoing floating volatility patterns of Generic Engineering and Jindal Poly.
Diversification Opportunities for Generic Engineering and Jindal Poly
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Generic and Jindal is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Generic Engineering Constructi and Jindal Poly Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jindal Poly Investment and Generic Engineering 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 Generic Engineering Construction are associated (or correlated) with Jindal Poly. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jindal Poly Investment has no effect on the direction of Generic Engineering i.e., Generic Engineering and Jindal Poly go up and down completely randomly.
Pair Corralation between Generic Engineering and Jindal Poly
Assuming the 90 days trading horizon Generic Engineering Construction is expected to generate 0.93 times more return on investment than Jindal Poly. However, Generic Engineering Construction is 1.07 times less risky than Jindal Poly. It trades about -0.09 of its potential returns per unit of risk. Jindal Poly Investment is currently generating about -0.18 per unit of risk. If you would invest 4,053 in Generic Engineering Construction on November 5, 2024 and sell it today you would lose (179.00) from holding Generic Engineering Construction or give up 4.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Generic Engineering Constructi vs. Jindal Poly Investment
Performance |
| Timeline |
| Generic Engineering |
| Jindal Poly Investment |
Generic Engineering and Jindal Poly Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Generic Engineering and Jindal Poly
The main advantage of trading using opposite Generic Engineering and Jindal Poly positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Generic Engineering position performs unexpectedly, Jindal Poly 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 Jindal Poly will offset losses from the drop in Jindal Poly's long position.| Generic Engineering vs. Sarthak Metals Limited | Generic Engineering vs. LLOYDS METALS AND | Generic Engineering vs. Shaily Engineering Plastics | Generic Engineering vs. Sintex Plastics Technology |
| Jindal Poly vs. Kingfa Science Technology | Jindal Poly vs. Kaynes Technology India | Jindal Poly vs. GPT Healthcare | Jindal Poly vs. Tata Communications 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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