Correlation Between Goldstone Technologies and Can Fin
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By analyzing existing cross correlation between Goldstone Technologies Limited and Can Fin Homes, you can compare the effects of market volatilities on Goldstone Technologies and Can Fin 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 Goldstone Technologies with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldstone Technologies and Can Fin.
Diversification Opportunities for Goldstone Technologies and Can Fin
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Goldstone and Can is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Goldstone Technologies Limited and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and Goldstone Technologies 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 Goldstone Technologies Limited are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of Goldstone Technologies i.e., Goldstone Technologies and Can Fin go up and down completely randomly.
Pair Corralation between Goldstone Technologies and Can Fin
Assuming the 90 days trading horizon Goldstone Technologies Limited is expected to under-perform the Can Fin. In addition to that, Goldstone Technologies is 1.45 times more volatile than Can Fin Homes. It trades about -0.2 of its total potential returns per unit of risk. Can Fin Homes is currently generating about -0.1 per unit of volatility. If you would invest 69,785 in Can Fin Homes on November 7, 2024 and sell it today you would lose (3,085) from holding Can Fin Homes 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 |
Goldstone Technologies Limited vs. Can Fin Homes
Performance |
| Timeline |
| Goldstone Technologies |
| Can Fin Homes |
Goldstone Technologies and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldstone Technologies and Can Fin
The main advantage of trading using opposite Goldstone Technologies and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldstone Technologies position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.The idea behind Goldstone Technologies Limited and Can Fin Homes pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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