Correlation Between Gokul Refoils and Premier Polyfilm
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gokul Refoils and and Premier Polyfilm Limited, you can compare the effects of market volatilities on Gokul Refoils and Premier Polyfilm 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 Gokul Refoils with a short position of Premier Polyfilm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gokul Refoils and Premier Polyfilm.
Diversification Opportunities for Gokul Refoils and Premier Polyfilm
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Gokul and Premier is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Gokul Refoils and and Premier Polyfilm Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Premier Polyfilm and Gokul Refoils 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 Gokul Refoils and are associated (or correlated) with Premier Polyfilm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Premier Polyfilm has no effect on the direction of Gokul Refoils i.e., Gokul Refoils and Premier Polyfilm go up and down completely randomly.
Pair Corralation between Gokul Refoils and Premier Polyfilm
Assuming the 90 days trading horizon Gokul Refoils and is expected to under-perform the Premier Polyfilm. But the stock apears to be less risky and, when comparing its historical volatility, Gokul Refoils and is 2.45 times less risky than Premier Polyfilm. The stock trades about -0.01 of its potential returns per unit of risk. The Premier Polyfilm Limited is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 6,532 in Premier Polyfilm Limited on October 12, 2024 and sell it today you would earn a total of 1,321 from holding Premier Polyfilm Limited or generate 20.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gokul Refoils and vs. Premier Polyfilm Limited
Performance |
| Timeline |
| Gokul Refoils |
| Premier Polyfilm |
Gokul Refoils and Premier Polyfilm Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gokul Refoils and Premier Polyfilm
The main advantage of trading using opposite Gokul Refoils and Premier Polyfilm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gokul Refoils position performs unexpectedly, Premier Polyfilm 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 Premier Polyfilm will offset losses from the drop in Premier Polyfilm's long position.| Gokul Refoils vs. Mangalore Chemicals Fertilizers | Gokul Refoils vs. DMCC SPECIALITY CHEMICALS | Gokul Refoils vs. VA Tech Wabag | Gokul Refoils vs. Chembond Chemicals |
| Premier Polyfilm vs. Gokul Refoils and | Premier Polyfilm vs. Hilton Metal Forging | Premier Polyfilm vs. Shyam Metalics and | Premier Polyfilm vs. Bajaj Holdings Investment |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |