Correlation Between Jindal Poly and Baazar Style
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By analyzing existing cross correlation between Jindal Poly Investment and Baazar Style Retail, you can compare the effects of market volatilities on Jindal Poly and Baazar Style 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 Baazar Style. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jindal Poly and Baazar Style.
Diversification Opportunities for Jindal Poly and Baazar Style
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jindal and Baazar is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Jindal Poly Investment and Baazar Style Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baazar Style Retail 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 Baazar Style. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baazar Style Retail has no effect on the direction of Jindal Poly i.e., Jindal Poly and Baazar Style go up and down completely randomly.
Pair Corralation between Jindal Poly and Baazar Style
Assuming the 90 days trading horizon Jindal Poly Investment is expected to generate 0.67 times more return on investment than Baazar Style. However, Jindal Poly Investment is 1.5 times less risky than Baazar Style. It trades about -0.18 of its potential returns per unit of risk. Baazar Style Retail is currently generating about -0.25 per unit of risk. If you would invest 82,100 in Jindal Poly Investment on November 7, 2024 and sell it today you would lose (7,125) from holding Jindal Poly Investment or give up 8.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jindal Poly Investment vs. Baazar Style Retail
Performance |
| Timeline |
| Jindal Poly Investment |
| Baazar Style Retail |
Jindal Poly and Baazar Style Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jindal Poly and Baazar Style
The main advantage of trading using opposite Jindal Poly and Baazar Style positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jindal Poly position performs unexpectedly, Baazar Style 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 Baazar Style will offset losses from the drop in Baazar Style's long position.| Jindal Poly vs. 21st Century Management | Jindal Poly vs. Sportking India Limited | Jindal Poly vs. Tata Communications Limited | Jindal Poly vs. Allied Blenders Distillers |
| Baazar Style vs. Ami Organics Limited | Baazar Style vs. Foods Inns Limited | Baazar Style vs. Fine Organic Industries | Baazar Style vs. Jubilant Foodworks Limited |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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