Correlation Between Jindal Poly and SBI Cards
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By analyzing existing cross correlation between Jindal Poly Investment and SBI Cards and, you can compare the effects of market volatilities on Jindal Poly and SBI Cards 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 Jindal Poly with a short position of SBI Cards. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jindal Poly and SBI Cards.
Diversification Opportunities for Jindal Poly and SBI Cards
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jindal and SBI is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Jindal Poly Investment and SBI Cards and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SBI Cards and Jindal Poly 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 Jindal Poly Investment are associated (or correlated) with SBI Cards. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SBI Cards has no effect on the direction of Jindal Poly i.e., Jindal Poly and SBI Cards go up and down completely randomly.
Pair Corralation between Jindal Poly and SBI Cards
Assuming the 90 days trading horizon Jindal Poly Investment is expected to generate 2.27 times more return on investment than SBI Cards. However, Jindal Poly is 2.27 times more volatile than SBI Cards and. It trades about 0.05 of its potential returns per unit of risk. SBI Cards and is currently generating about 0.0 per unit of risk. If you would invest 68,640 in Jindal Poly Investment on September 14, 2024 and sell it today you would earn a total of 23,195 from holding Jindal Poly Investment or generate 33.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.25% |
| Values | Daily Returns |
Jindal Poly Investment vs. SBI Cards and
Performance |
| Timeline |
| Jindal Poly Investment |
| SBI Cards |
Jindal Poly and SBI Cards Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jindal Poly and SBI Cards
The main advantage of trading using opposite Jindal Poly and SBI Cards positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jindal Poly position performs unexpectedly, SBI Cards 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 SBI Cards will offset losses from the drop in SBI Cards' long position.| Jindal Poly vs. MRF Limited | Jindal Poly vs. JSW Holdings Limited | Jindal Poly vs. Maharashtra Scooters Limited | Jindal Poly vs. Nalwa Sons Investments |
| SBI Cards vs. Neogen Chemicals Limited | SBI Cards vs. Jindal Poly Investment | SBI Cards vs. Kavveri Telecom Products | SBI Cards vs. Nalwa Sons Investments |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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