Correlation Between ITI and Barbeque Nation
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By analyzing existing cross correlation between ITI Limited and Barbeque Nation Hospitality, you can compare the effects of market volatilities on ITI and Barbeque Nation 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 ITI with a short position of Barbeque Nation. Check out your portfolio center. Please also check ongoing floating volatility patterns of ITI and Barbeque Nation.
Diversification Opportunities for ITI and Barbeque Nation
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ITI and Barbeque is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding ITI Limited and Barbeque Nation Hospitality in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barbeque Nation Hosp and ITI 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 ITI Limited are associated (or correlated) with Barbeque Nation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barbeque Nation Hosp has no effect on the direction of ITI i.e., ITI and Barbeque Nation go up and down completely randomly.
Pair Corralation between ITI and Barbeque Nation
Assuming the 90 days trading horizon ITI Limited is expected to generate 4.52 times more return on investment than Barbeque Nation. However, ITI is 4.52 times more volatile than Barbeque Nation Hospitality. It trades about 0.06 of its potential returns per unit of risk. Barbeque Nation Hospitality is currently generating about -0.57 per unit of risk. If you would invest 37,300 in ITI Limited on October 17, 2024 and sell it today you would earn a total of 1,255 from holding ITI Limited or generate 3.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ITI Limited vs. Barbeque Nation Hospitality
Performance |
| Timeline |
| ITI Limited |
| Barbeque Nation Hosp |
ITI and Barbeque Nation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ITI and Barbeque Nation
The main advantage of trading using opposite ITI and Barbeque Nation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ITI position performs unexpectedly, Barbeque Nation 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 Barbeque Nation will offset losses from the drop in Barbeque Nation's long position.| ITI vs. Entero Healthcare Solutions | ITI vs. Sakar Healthcare Limited | ITI vs. GPT Healthcare | ITI vs. MEDI ASSIST HEALTHCARE |
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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