Correlation Between Hisar Metal and Global Health
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By analyzing existing cross correlation between Hisar Metal Industries and Global Health Limited, you can compare the effects of market volatilities on Hisar Metal and Global Health 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 Hisar Metal with a short position of Global Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hisar Metal and Global Health.
Diversification Opportunities for Hisar Metal and Global Health
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hisar and Global is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Hisar Metal Industries and Global Health Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Health Limited and Hisar Metal 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 Hisar Metal Industries are associated (or correlated) with Global Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Health Limited has no effect on the direction of Hisar Metal i.e., Hisar Metal and Global Health go up and down completely randomly.
Pair Corralation between Hisar Metal and Global Health
Assuming the 90 days trading horizon Hisar Metal Industries is expected to under-perform the Global Health. In addition to that, Hisar Metal is 1.22 times more volatile than Global Health Limited. It trades about -0.05 of its total potential returns per unit of risk. Global Health Limited is currently generating about 0.17 per unit of volatility. If you would invest 106,735 in Global Health Limited on September 5, 2024 and sell it today you would earn a total of 7,125 from holding Global Health Limited or generate 6.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hisar Metal Industries vs. Global Health Limited
Performance |
| Timeline |
| Hisar Metal Industries |
| Global Health Limited |
Hisar Metal and Global Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hisar Metal and Global Health
The main advantage of trading using opposite Hisar Metal and Global Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hisar Metal position performs unexpectedly, Global Health 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 Global Health will offset losses from the drop in Global Health's long position.| Hisar Metal vs. NMDC Limited | Hisar Metal vs. Steel Authority of | Hisar Metal vs. Embassy Office Parks | Hisar Metal vs. Gujarat Narmada Valley |
| Global Health vs. Alkali Metals Limited | Global Health vs. Hisar Metal Industries | Global Health vs. Spencers Retail Limited | Global Health vs. Transport of |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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