Correlation Between Gujarat Raffia and Refex Industries
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By analyzing existing cross correlation between Gujarat Raffia Industries and Refex Industries Limited, you can compare the effects of market volatilities on Gujarat Raffia and Refex Industries 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 Gujarat Raffia with a short position of Refex Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gujarat Raffia and Refex Industries.
Diversification Opportunities for Gujarat Raffia and Refex Industries
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gujarat and Refex is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Gujarat Raffia Industries and Refex Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Refex Industries and Gujarat Raffia 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 Gujarat Raffia Industries are associated (or correlated) with Refex Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Refex Industries has no effect on the direction of Gujarat Raffia i.e., Gujarat Raffia and Refex Industries go up and down completely randomly.
Pair Corralation between Gujarat Raffia and Refex Industries
Assuming the 90 days trading horizon Gujarat Raffia Industries is expected to under-perform the Refex Industries. But the stock apears to be less risky and, when comparing its historical volatility, Gujarat Raffia Industries is 1.4 times less risky than Refex Industries. The stock trades about -0.04 of its potential returns per unit of risk. The Refex Industries Limited is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 12,022 in Refex Industries Limited on August 25, 2024 and sell it today you would earn a total of 35,018 from holding Refex Industries Limited or generate 291.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gujarat Raffia Industries vs. Refex Industries Limited
Performance |
| Timeline |
| Gujarat Raffia Industries |
| Refex Industries |
Gujarat Raffia and Refex Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gujarat Raffia and Refex Industries
The main advantage of trading using opposite Gujarat Raffia and Refex Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gujarat Raffia position performs unexpectedly, Refex Industries 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 Refex Industries will offset losses from the drop in Refex Industries' long position.| Gujarat Raffia vs. BF Investment Limited | Gujarat Raffia vs. HDFC Asset Management | Gujarat Raffia vs. Bajaj Holdings Investment | Gujarat Raffia vs. Industrial Investment Trust |
| Refex Industries vs. Digjam Limited | Refex Industries vs. Gujarat Raffia Industries | Refex Industries vs. Kingfa Science Technology | Refex Industries vs. Rico Auto Industries |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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