Correlation Between ICICI Bank and Page Industries
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By analyzing existing cross correlation between ICICI Bank Limited and Page Industries Limited, you can compare the effects of market volatilities on ICICI Bank and Page Industries 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 Page Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICICI Bank and Page Industries.
Diversification Opportunities for ICICI Bank and Page Industries
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between ICICI and Page is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding ICICI Bank Limited and Page Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Page Industries 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 Page Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Page Industries has no effect on the direction of ICICI Bank i.e., ICICI Bank and Page Industries go up and down completely randomly.
Pair Corralation between ICICI Bank and Page Industries
Assuming the 90 days trading horizon ICICI Bank is expected to generate 1.37 times less return on investment than Page Industries. But when comparing it to its historical volatility, ICICI Bank Limited is 1.18 times less risky than Page Industries. It trades about 0.09 of its potential returns per unit of risk. Page Industries Limited is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 3,446,915 in Page Industries Limited on September 3, 2024 and sell it today you would earn a total of 1,017,575 from holding Page Industries Limited or generate 29.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.39% |
| Values | Daily Returns |
ICICI Bank Limited vs. Page Industries Limited
Performance |
| Timeline |
| ICICI Bank Limited |
| Page Industries |
ICICI Bank and Page Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICICI Bank and Page Industries
The main advantage of trading using opposite ICICI Bank and Page Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICICI Bank position performs unexpectedly, Page Industries 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 Page Industries will offset losses from the drop in Page Industries' long position.| ICICI Bank vs. Reliance Industries Limited | ICICI Bank vs. Shipping | ICICI Bank vs. Indo Borax Chemicals | ICICI Bank vs. Kingfa Science Technology |
| Page Industries vs. Bajaj Holdings Investment | Page Industries vs. Shipping | Page Industries vs. Indo Borax Chemicals | Page Industries vs. Kingfa Science Technology |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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