Correlation Between GPT Healthcare and Baazar Style
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By analyzing existing cross correlation between GPT Healthcare and Baazar Style Retail, you can compare the effects of market volatilities on GPT Healthcare and Baazar Style 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 GPT Healthcare with a short position of Baazar Style. Check out your portfolio center. Please also check ongoing floating volatility patterns of GPT Healthcare and Baazar Style.
Diversification Opportunities for GPT Healthcare and Baazar Style
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GPT and Baazar is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding GPT Healthcare and Baazar Style Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baazar Style Retail and GPT Healthcare 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 GPT Healthcare are associated (or correlated) with Baazar Style. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baazar Style Retail has no effect on the direction of GPT Healthcare i.e., GPT Healthcare and Baazar Style go up and down completely randomly.
Pair Corralation between GPT Healthcare and Baazar Style
Assuming the 90 days trading horizon GPT Healthcare is expected to generate 0.84 times more return on investment than Baazar Style. However, GPT Healthcare is 1.19 times less risky than Baazar Style. It trades about 0.0 of its potential returns per unit of risk. Baazar Style Retail is currently generating about -0.06 per unit of risk. If you would invest 19,672 in GPT Healthcare on September 3, 2024 and sell it today you would lose (1,781) from holding GPT Healthcare or give up 9.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 31.91% |
| Values | Daily Returns |
GPT Healthcare vs. Baazar Style Retail
Performance |
| Timeline |
| GPT Healthcare |
| Baazar Style Retail |
GPT Healthcare and Baazar Style Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GPT Healthcare and Baazar Style
The main advantage of trading using opposite GPT Healthcare and Baazar Style positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GPT Healthcare position performs unexpectedly, Baazar Style 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 Baazar Style will offset losses from the drop in Baazar Style's long position.| GPT Healthcare vs. Baazar Style Retail | GPT Healthcare vs. Computer Age Management | GPT Healthcare vs. VIP Clothing Limited | GPT Healthcare vs. FCS Software Solutions |
| Baazar Style vs. V2 Retail Limited | Baazar Style vs. Credo Brands Marketing | Baazar Style vs. Shipping | Baazar Style vs. Indo Borax Chemicals |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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