Correlation Between ICICI Bank and Amrutanjan Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between ICICI Bank Limited and Amrutanjan Health Care, you can compare the effects of market volatilities on ICICI Bank and Amrutanjan 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 ICICI Bank with a short position of Amrutanjan Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICICI Bank and Amrutanjan Health.
Diversification Opportunities for ICICI Bank and Amrutanjan Health
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ICICI and Amrutanjan is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding ICICI Bank Limited and Amrutanjan Health Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amrutanjan Health Care and ICICI Bank 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 ICICI Bank Limited are associated (or correlated) with Amrutanjan Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amrutanjan Health Care has no effect on the direction of ICICI Bank i.e., ICICI Bank and Amrutanjan Health go up and down completely randomly.
Pair Corralation between ICICI Bank and Amrutanjan Health
Assuming the 90 days trading horizon ICICI Bank Limited is expected to generate 0.67 times more return on investment than Amrutanjan Health. However, ICICI Bank Limited is 1.49 times less risky than Amrutanjan Health. It trades about 0.07 of its potential returns per unit of risk. Amrutanjan Health Care is currently generating about -0.12 per unit of risk. If you would invest 125,470 in ICICI Bank Limited on August 25, 2024 and sell it today you would earn a total of 2,335 from holding ICICI Bank Limited or generate 1.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
ICICI Bank Limited vs. Amrutanjan Health Care
Performance |
| Timeline |
| ICICI Bank Limited |
| Amrutanjan Health Care |
ICICI Bank and Amrutanjan Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICICI Bank and Amrutanjan Health
The main advantage of trading using opposite ICICI Bank and Amrutanjan Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICICI Bank position performs unexpectedly, Amrutanjan 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 Amrutanjan Health will offset losses from the drop in Amrutanjan Health's long position.| ICICI Bank vs. Jindal Steel Power | ICICI Bank vs. Steelcast Limited | ICICI Bank vs. Tube Investments of | ICICI Bank vs. BF Investment Limited |
| Amrutanjan Health vs. Kingfa Science Technology | Amrutanjan Health vs. Rico Auto Industries | Amrutanjan Health vs. GACM Technologies Limited | Amrutanjan Health vs. COSMO FIRST 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |