Correlation Between G Tec and Kalyani Steels
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By analyzing existing cross correlation between G Tec Jainx Education and Kalyani Steels Limited, you can compare the effects of market volatilities on G Tec and Kalyani Steels 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 G Tec with a short position of Kalyani Steels. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Tec and Kalyani Steels.
Diversification Opportunities for G Tec and Kalyani Steels
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GTECJAINX and Kalyani is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding G Tec Jainx Education and Kalyani Steels Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kalyani Steels and G Tec 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 G Tec Jainx Education are associated (or correlated) with Kalyani Steels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kalyani Steels has no effect on the direction of G Tec i.e., G Tec and Kalyani Steels go up and down completely randomly.
Pair Corralation between G Tec and Kalyani Steels
Assuming the 90 days trading horizon G Tec Jainx Education is expected to under-perform the Kalyani Steels. In addition to that, G Tec is 1.2 times more volatile than Kalyani Steels Limited. It trades about -0.14 of its total potential returns per unit of risk. Kalyani Steels Limited is currently generating about -0.02 per unit of volatility. If you would invest 97,939 in Kalyani Steels Limited on October 30, 2024 and sell it today you would lose (10,424) from holding Kalyani Steels Limited or give up 10.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G Tec Jainx Education vs. Kalyani Steels Limited
Performance |
| Timeline |
| G Tec Jainx |
| Kalyani Steels |
G Tec and Kalyani Steels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Tec and Kalyani Steels
The main advantage of trading using opposite G Tec and Kalyani Steels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Tec position performs unexpectedly, Kalyani Steels 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 Kalyani Steels will offset losses from the drop in Kalyani Steels' long position.| G Tec vs. Hindustan Copper Limited | G Tec vs. Action Construction Equipment | G Tec vs. Hisar Metal Industries | G Tec vs. Alkali Metals Limited |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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