Correlation Between HT Media and Garware Hi
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By analyzing existing cross correlation between HT Media Limited and Garware Hi Tech Films, you can compare the effects of market volatilities on HT Media and Garware Hi 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 HT Media with a short position of Garware Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of HT Media and Garware Hi.
Diversification Opportunities for HT Media and Garware Hi
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HTMEDIA and Garware is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding HT Media Limited and Garware Hi Tech Films in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Garware Hi Tech and HT Media 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 HT Media Limited are associated (or correlated) with Garware Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Garware Hi Tech has no effect on the direction of HT Media i.e., HT Media and Garware Hi go up and down completely randomly.
Pair Corralation between HT Media and Garware Hi
Assuming the 90 days trading horizon HT Media Limited is expected to generate 1.16 times more return on investment than Garware Hi. However, HT Media is 1.16 times more volatile than Garware Hi Tech Films. It trades about 0.02 of its potential returns per unit of risk. Garware Hi Tech Films is currently generating about -0.34 per unit of risk. If you would invest 2,253 in HT Media Limited on November 7, 2024 and sell it today you would earn a total of 3.00 from holding HT Media Limited or generate 0.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HT Media Limited vs. Garware Hi Tech Films
Performance |
| Timeline |
| HT Media Limited |
| Garware Hi Tech |
HT Media and Garware Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HT Media and Garware Hi
The main advantage of trading using opposite HT Media and Garware Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HT Media position performs unexpectedly, Garware Hi 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 Garware Hi will offset losses from the drop in Garware Hi's long position.| HT Media vs. Cantabil Retail India | HT Media vs. Cartrade Tech Limited | HT Media vs. V2 Retail Limited | HT Media vs. Le Travenues Technology |
| Garware Hi vs. Akme Fintrade India | Garware Hi vs. Hexa Tradex Limited | Garware Hi vs. POWERGRID Infrastructure Investment | Garware Hi vs. Baazar Style Retail |
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.
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