Correlation Between ILFS Investment and Jindal Poly
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By analyzing existing cross correlation between ILFS Investment Managers and Jindal Poly Investment, you can compare the effects of market volatilities on ILFS Investment and Jindal Poly 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 ILFS Investment with a short position of Jindal Poly. Check out your portfolio center. Please also check ongoing floating volatility patterns of ILFS Investment and Jindal Poly.
Diversification Opportunities for ILFS Investment and Jindal Poly
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between ILFS and Jindal is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding ILFS Investment Managers and Jindal Poly Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jindal Poly Investment and ILFS Investment 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 ILFS Investment Managers are associated (or correlated) with Jindal Poly. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jindal Poly Investment has no effect on the direction of ILFS Investment i.e., ILFS Investment and Jindal Poly go up and down completely randomly.
Pair Corralation between ILFS Investment and Jindal Poly
Assuming the 90 days trading horizon ILFS Investment Managers is expected to generate 1.16 times more return on investment than Jindal Poly. However, ILFS Investment is 1.16 times more volatile than Jindal Poly Investment. It trades about -0.11 of its potential returns per unit of risk. Jindal Poly Investment is currently generating about -0.28 per unit of risk. If you would invest 1,122 in ILFS Investment Managers on November 3, 2024 and sell it today you would lose (92.00) from holding ILFS Investment Managers or give up 8.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ILFS Investment Managers vs. Jindal Poly Investment
Performance |
| Timeline |
| ILFS Investment Managers |
| Jindal Poly Investment |
ILFS Investment and Jindal Poly Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ILFS Investment and Jindal Poly
The main advantage of trading using opposite ILFS Investment and Jindal Poly positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ILFS Investment position performs unexpectedly, Jindal Poly 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 Jindal Poly will offset losses from the drop in Jindal Poly's long position.| ILFS Investment vs. Total Transport Systems | ILFS Investment vs. Alkali Metals Limited | ILFS Investment vs. Transport of | ILFS Investment vs. OnMobile Global Limited |
| Jindal Poly vs. ROUTE MOBILE LIMITED | Jindal Poly vs. Reliance Industrial Infrastructure | Jindal Poly vs. Bigbloc Construction Limited | Jindal Poly vs. Shivalik Bimetal Controls |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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