Correlation Between Gokul Refoils and Zomato
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By analyzing existing cross correlation between Gokul Refoils and and Zomato Limited, you can compare the effects of market volatilities on Gokul Refoils and Zomato 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 Zomato. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gokul Refoils and Zomato.
Diversification Opportunities for Gokul Refoils and Zomato
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gokul and Zomato is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Gokul Refoils and and Zomato Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zomato Limited 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 Zomato. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zomato Limited has no effect on the direction of Gokul Refoils i.e., Gokul Refoils and Zomato go up and down completely randomly.
Pair Corralation between Gokul Refoils and Zomato
Assuming the 90 days trading horizon Gokul Refoils and is expected to under-perform the Zomato. But the stock apears to be less risky and, when comparing its historical volatility, Gokul Refoils and is 1.64 times less risky than Zomato. The stock trades about -0.34 of its potential returns per unit of risk. The Zomato Limited is currently generating about -0.21 of returns per unit of risk over similar time horizon. If you would invest 26,485 in Zomato Limited on November 5, 2024 and sell it today you would lose (4,450) from holding Zomato Limited or give up 16.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gokul Refoils and vs. Zomato Limited
Performance |
| Timeline |
| Gokul Refoils |
| Zomato Limited |
Gokul Refoils and Zomato Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gokul Refoils and Zomato
The main advantage of trading using opposite Gokul Refoils and Zomato positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gokul Refoils position performs unexpectedly, Zomato 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 Zomato will offset losses from the drop in Zomato's long position.| Gokul Refoils vs. Kalyani Investment | Gokul Refoils vs. ILFS Investment Managers | Gokul Refoils vs. Jindal Poly Investment | Gokul Refoils vs. Electronics Mart India |
| Zomato vs. Apex Frozen Foods | Zomato vs. Agro Tech Foods | Zomato vs. Ami Organics Limited | Zomato vs. Kohinoor Foods 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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