Correlation Between Ceylon Guardian and EX PACK
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ceylon Guardian Investment and EX PACK RUGATED CARTONS, you can compare the effects of market volatilities on Ceylon Guardian and EX PACK 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 Ceylon Guardian with a short position of EX PACK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceylon Guardian and EX PACK.
Diversification Opportunities for Ceylon Guardian and EX PACK
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ceylon and PACKN0000 is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Ceylon Guardian Investment and EX PACK RUGATED CARTONS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EX PACK RUGATED and Ceylon Guardian 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 Ceylon Guardian Investment are associated (or correlated) with EX PACK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EX PACK RUGATED has no effect on the direction of Ceylon Guardian i.e., Ceylon Guardian and EX PACK go up and down completely randomly.
Pair Corralation between Ceylon Guardian and EX PACK
Assuming the 90 days trading horizon Ceylon Guardian Investment is expected to generate 1.7 times more return on investment than EX PACK. However, Ceylon Guardian is 1.7 times more volatile than EX PACK RUGATED CARTONS. It trades about 0.12 of its potential returns per unit of risk. EX PACK RUGATED CARTONS is currently generating about 0.2 per unit of risk. If you would invest 9,500 in Ceylon Guardian Investment on September 12, 2024 and sell it today you would earn a total of 1,575 from holding Ceylon Guardian Investment or generate 16.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ceylon Guardian Investment vs. EX PACK RUGATED CARTONS
Performance |
| Timeline |
| Ceylon Guardian Inve |
| EX PACK RUGATED |
Ceylon Guardian and EX PACK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceylon Guardian and EX PACK
The main advantage of trading using opposite Ceylon Guardian and EX PACK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceylon Guardian position performs unexpectedly, EX PACK 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 EX PACK will offset losses from the drop in EX PACK's long position.| Ceylon Guardian vs. Jat Holdings PLC | Ceylon Guardian vs. Lanka Credit and | Ceylon Guardian vs. VIDULLANKA PLC | Ceylon Guardian vs. Carson Cumberbatch PLC |
| EX PACK vs. Jat Holdings PLC | EX PACK vs. Lanka Credit and | EX PACK vs. VIDULLANKA PLC | EX PACK vs. Carson Cumberbatch PLC |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |