Correlation Between Indian Card and Praxis Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Indian Card Clothing and Praxis Home Retail, you can compare the effects of market volatilities on Indian Card and Praxis Home 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 Indian Card with a short position of Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Indian Card and Praxis Home.
Diversification Opportunities for Indian Card and Praxis Home
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Indian and Praxis is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Indian Card Clothing and Praxis Home Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Praxis Home Retail and Indian Card 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 Indian Card Clothing are associated (or correlated) with Praxis Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Praxis Home Retail has no effect on the direction of Indian Card i.e., Indian Card and Praxis Home go up and down completely randomly.
Pair Corralation between Indian Card and Praxis Home
Assuming the 90 days trading horizon Indian Card Clothing is expected to generate 1.73 times more return on investment than Praxis Home. However, Indian Card is 1.73 times more volatile than Praxis Home Retail. It trades about 0.08 of its potential returns per unit of risk. Praxis Home Retail is currently generating about -0.16 per unit of risk. If you would invest 26,570 in Indian Card Clothing on October 30, 2024 and sell it today you would earn a total of 3,285 from holding Indian Card Clothing or generate 12.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Indian Card Clothing vs. Praxis Home Retail
Performance |
| Timeline |
| Indian Card Clothing |
| Praxis Home Retail |
Indian Card and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Indian Card and Praxis Home
The main advantage of trading using opposite Indian Card and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Indian Card position performs unexpectedly, Praxis Home 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 Praxis Home will offset losses from the drop in Praxis Home's long position.| Indian Card vs. R S Software | Indian Card vs. Tera Software Limited | Indian Card vs. Megastar Foods Limited | Indian Card vs. Patanjali Foods Limited |
| Praxis Home vs. Tamilnadu Telecommunication Limited | Praxis Home vs. DMCC SPECIALITY CHEMICALS | Praxis Home vs. IOL Chemicals and | Praxis Home vs. The Hi Tech Gears |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |