Correlation Between ICICI Bank and Apex Frozen
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By analyzing existing cross correlation between ICICI Bank Limited and Apex Frozen Foods, you can compare the effects of market volatilities on ICICI Bank and Apex Frozen 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 Apex Frozen. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICICI Bank and Apex Frozen.
Diversification Opportunities for ICICI Bank and Apex Frozen
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ICICI and Apex is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding ICICI Bank Limited and Apex Frozen Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apex Frozen Foods 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 Apex Frozen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apex Frozen Foods has no effect on the direction of ICICI Bank i.e., ICICI Bank and Apex Frozen go up and down completely randomly.
Pair Corralation between ICICI Bank and Apex Frozen
Assuming the 90 days trading horizon ICICI Bank Limited is expected to generate 0.33 times more return on investment than Apex Frozen. However, ICICI Bank Limited is 3.03 times less risky than Apex Frozen. It trades about -0.1 of its potential returns per unit of risk. Apex Frozen Foods is currently generating about -0.03 per unit of risk. If you would invest 133,165 in ICICI Bank Limited on August 30, 2024 and sell it today you would lose (3,095) from holding ICICI Bank Limited or give up 2.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
ICICI Bank Limited vs. Apex Frozen Foods
Performance |
| Timeline |
| ICICI Bank Limited |
| Apex Frozen Foods |
ICICI Bank and Apex Frozen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICICI Bank and Apex Frozen
The main advantage of trading using opposite ICICI Bank and Apex Frozen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICICI Bank position performs unexpectedly, Apex Frozen 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 Apex Frozen will offset losses from the drop in Apex Frozen's long position.| ICICI Bank vs. Computer Age Management | ICICI Bank vs. FCS Software Solutions | ICICI Bank vs. Parag Milk Foods | ICICI Bank vs. Hindustan Foods Limited |
| Apex Frozen vs. State Bank of | Apex Frozen vs. Life Insurance | Apex Frozen vs. HDFC Bank Limited | Apex Frozen vs. ICICI Bank 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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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