Correlation Between General Insurance and AXISCADES Technologies
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By analyzing existing cross correlation between General Insurance and AXISCADES Technologies Limited, you can compare the effects of market volatilities on General Insurance and AXISCADES Technologies 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 General Insurance with a short position of AXISCADES Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of General Insurance and AXISCADES Technologies.
Diversification Opportunities for General Insurance and AXISCADES Technologies
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between General and AXISCADES is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding General Insurance and AXISCADES Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXISCADES Technologies and General Insurance 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 General Insurance are associated (or correlated) with AXISCADES Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXISCADES Technologies has no effect on the direction of General Insurance i.e., General Insurance and AXISCADES Technologies go up and down completely randomly.
Pair Corralation between General Insurance and AXISCADES Technologies
Assuming the 90 days trading horizon General Insurance is expected to generate 0.95 times more return on investment than AXISCADES Technologies. However, General Insurance is 1.05 times less risky than AXISCADES Technologies. It trades about 0.08 of its potential returns per unit of risk. AXISCADES Technologies Limited is currently generating about 0.07 per unit of risk. If you would invest 16,667 in General Insurance on October 14, 2024 and sell it today you would earn a total of 26,288 from holding General Insurance or generate 157.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.59% |
| Values | Daily Returns |
General Insurance vs. AXISCADES Technologies Limited
Performance |
| Timeline |
| General Insurance |
| AXISCADES Technologies |
General Insurance and AXISCADES Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with General Insurance and AXISCADES Technologies
The main advantage of trading using opposite General Insurance and AXISCADES Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if General Insurance position performs unexpectedly, AXISCADES Technologies 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 AXISCADES Technologies will offset losses from the drop in AXISCADES Technologies' long position.| General Insurance vs. Kewal Kiran Clothing | General Insurance vs. Zydus Wellness Limited | General Insurance vs. Thirumalai Chemicals Limited | General Insurance vs. Zota Health Care |
| AXISCADES Technologies vs. General Insurance | AXISCADES Technologies vs. Samhi Hotels Limited | AXISCADES Technologies vs. Blue Coast Hotels | AXISCADES Technologies vs. SBI Life Insurance |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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