Correlation Between Hinduja Global and Praxis Home
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By analyzing existing cross correlation between Hinduja Global Solutions and Praxis Home Retail, you can compare the effects of market volatilities on Hinduja Global 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 Hinduja Global with a short position of Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hinduja Global and Praxis Home.
Diversification Opportunities for Hinduja Global and Praxis Home
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hinduja and Praxis is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Hinduja Global Solutions 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 Hinduja Global 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 Hinduja Global Solutions 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 Hinduja Global i.e., Hinduja Global and Praxis Home go up and down completely randomly.
Pair Corralation between Hinduja Global and Praxis Home
Assuming the 90 days trading horizon Hinduja Global Solutions is expected to under-perform the Praxis Home. But the stock apears to be less risky and, when comparing its historical volatility, Hinduja Global Solutions is 1.07 times less risky than Praxis Home. The stock trades about -0.03 of its potential returns per unit of risk. The Praxis Home Retail is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,620 in Praxis Home Retail on September 5, 2024 and sell it today you would earn a total of 599.00 from holding Praxis Home Retail or generate 36.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hinduja Global Solutions vs. Praxis Home Retail
Performance |
| Timeline |
| Hinduja Global Solutions |
| Praxis Home Retail |
Hinduja Global and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hinduja Global and Praxis Home
The main advantage of trading using opposite Hinduja Global and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hinduja Global 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.| Hinduja Global vs. Praxis Home Retail | Hinduja Global vs. Cambridge Technology Enterprises | Hinduja Global vs. Repco Home Finance | Hinduja Global vs. Le Travenues Technology |
| Praxis Home vs. Reliance Communications Limited | Praxis Home vs. California Software | Praxis Home vs. LT Technology Services | Praxis Home vs. Sonata Software 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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