Correlation Between G Tec and Praxis Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between G Tec Jainx Education and Praxis Home Retail, you can compare the effects of market volatilities on G Tec and Praxis Home 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 Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of G Tec and Praxis Home.
Diversification Opportunities for G Tec and Praxis Home
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GTECJAINX and Praxis is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding G Tec Jainx Education and Praxis Home Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Praxis Home Retail 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 Praxis Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Praxis Home Retail has no effect on the direction of G Tec i.e., G Tec and Praxis Home go up and down completely randomly.
Pair Corralation between G Tec and Praxis Home
Assuming the 90 days trading horizon G Tec Jainx Education is expected to under-perform the Praxis Home. In addition to that, G Tec is 1.03 times more volatile than Praxis Home Retail. It trades about -0.31 of its total potential returns per unit of risk. Praxis Home Retail is currently generating about -0.2 per unit of volatility. If you would invest 2,516 in Praxis Home Retail on September 2, 2024 and sell it today you would lose (328.00) from holding Praxis Home Retail or give up 13.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
G Tec Jainx Education vs. Praxis Home Retail
Performance |
| Timeline |
| G Tec Jainx |
| Praxis Home Retail |
G Tec and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G Tec and Praxis Home
The main advantage of trading using opposite G Tec and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G Tec position performs unexpectedly, Praxis Home 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 Praxis Home will offset losses from the drop in Praxis Home's long position.| G Tec vs. NIIT LEARNING SYSTEMS | G Tec vs. Veranda Learning Solutions | G Tec vs. Aptech Limited | G Tec vs. CL Educate Limited |
| Praxis Home vs. Sunflag Iron And | Praxis Home vs. Rama Steel Tubes | Praxis Home vs. Zenith Steel Pipes | Praxis Home vs. Hindustan 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |