Correlation Between IIFL Securities and Kingfa Science
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By analyzing existing cross correlation between IIFL Securities Limited and Kingfa Science Technology, you can compare the effects of market volatilities on IIFL Securities and Kingfa Science 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 IIFL Securities with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of IIFL Securities and Kingfa Science.
Diversification Opportunities for IIFL Securities and Kingfa Science
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between IIFL and Kingfa is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding IIFL Securities Limited and Kingfa Science Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingfa Science Technology and IIFL Securities 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 IIFL Securities Limited are associated (or correlated) with Kingfa Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingfa Science Technology has no effect on the direction of IIFL Securities i.e., IIFL Securities and Kingfa Science go up and down completely randomly.
Pair Corralation between IIFL Securities and Kingfa Science
Assuming the 90 days trading horizon IIFL Securities Limited is expected to under-perform the Kingfa Science. In addition to that, IIFL Securities is 1.68 times more volatile than Kingfa Science Technology. It trades about -0.1 of its total potential returns per unit of risk. Kingfa Science Technology is currently generating about -0.01 per unit of volatility. If you would invest 300,595 in Kingfa Science Technology on August 31, 2024 and sell it today you would lose (2,915) from holding Kingfa Science Technology or give up 0.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
IIFL Securities Limited vs. Kingfa Science Technology
Performance |
| Timeline |
| IIFL Securities |
| Kingfa Science Technology |
IIFL Securities and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IIFL Securities and Kingfa Science
The main advantage of trading using opposite IIFL Securities and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IIFL Securities position performs unexpectedly, Kingfa Science 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 Kingfa Science will offset losses from the drop in Kingfa Science's long position.| IIFL Securities vs. ICICI Securities Limited | IIFL Securities vs. Nippon Life India | IIFL Securities vs. Fortis Healthcare Limited | IIFL Securities vs. ICICI Lombard General |
| Kingfa Science vs. EMBASSY OFFICE PARKS | Kingfa Science vs. Reliance Home Finance | Kingfa Science vs. Vertoz Advertising Limited | Kingfa Science vs. Shyam Metalics and |
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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