Correlation Between Golden Tobacco and Silly Monks
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By analyzing existing cross correlation between Golden Tobacco Limited and Silly Monks Entertainment, you can compare the effects of market volatilities on Golden Tobacco and Silly Monks 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 Golden Tobacco with a short position of Silly Monks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Tobacco and Silly Monks.
Diversification Opportunities for Golden Tobacco and Silly Monks
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Golden and Silly is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Golden Tobacco Limited and Silly Monks Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silly Monks Entertainment and Golden Tobacco 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 Golden Tobacco Limited are associated (or correlated) with Silly Monks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silly Monks Entertainment has no effect on the direction of Golden Tobacco i.e., Golden Tobacco and Silly Monks go up and down completely randomly.
Pair Corralation between Golden Tobacco and Silly Monks
Assuming the 90 days trading horizon Golden Tobacco Limited is expected to generate 1.05 times more return on investment than Silly Monks. However, Golden Tobacco is 1.05 times more volatile than Silly Monks Entertainment. It trades about 0.24 of its potential returns per unit of risk. Silly Monks Entertainment is currently generating about -0.1 per unit of risk. If you would invest 3,814 in Golden Tobacco Limited on September 13, 2024 and sell it today you would earn a total of 384.00 from holding Golden Tobacco Limited or generate 10.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Golden Tobacco Limited vs. Silly Monks Entertainment
Performance |
| Timeline |
| Golden Tobacco |
| Silly Monks Entertainment |
Golden Tobacco and Silly Monks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Tobacco and Silly Monks
The main advantage of trading using opposite Golden Tobacco and Silly Monks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Tobacco position performs unexpectedly, Silly Monks 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 Silly Monks will offset losses from the drop in Silly Monks' long position.| Golden Tobacco vs. Network18 Media Investments | Golden Tobacco vs. Tata Investment | Golden Tobacco vs. VIP Clothing Limited | Golden Tobacco vs. AUTHUM INVESTMENT INFRASTRUCTU |
| Silly Monks vs. Reliance Industries Limited | Silly Monks vs. State Bank of | Silly Monks vs. HDFC Bank Limited | Silly Monks vs. Oil Natural Gas |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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