Correlation Between Jindal Poly and Whirlpool
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By analyzing existing cross correlation between Jindal Poly Investment and Whirlpool of India, you can compare the effects of market volatilities on Jindal Poly and Whirlpool 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 Whirlpool. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jindal Poly and Whirlpool.
Diversification Opportunities for Jindal Poly and Whirlpool
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jindal and Whirlpool is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Jindal Poly Investment and Whirlpool of India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Whirlpool of India 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 Whirlpool. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Whirlpool of India has no effect on the direction of Jindal Poly i.e., Jindal Poly and Whirlpool go up and down completely randomly.
Pair Corralation between Jindal Poly and Whirlpool
Assuming the 90 days trading horizon Jindal Poly Investment is expected to generate 1.98 times more return on investment than Whirlpool. However, Jindal Poly is 1.98 times more volatile than Whirlpool of India. It trades about 0.24 of its potential returns per unit of risk. Whirlpool of India is currently generating about -0.1 per unit of risk. If you would invest 72,200 in Jindal Poly Investment on September 5, 2024 and sell it today you would earn a total of 20,795 from holding Jindal Poly Investment or generate 28.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jindal Poly Investment vs. Whirlpool of India
Performance |
| Timeline |
| Jindal Poly Investment |
| Whirlpool of India |
Jindal Poly and Whirlpool Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jindal Poly and Whirlpool
The main advantage of trading using opposite Jindal Poly and Whirlpool positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jindal Poly position performs unexpectedly, Whirlpool 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 Whirlpool will offset losses from the drop in Whirlpool's long position.| Jindal Poly vs. MRF Limited | Jindal Poly vs. JSW Holdings Limited | Jindal Poly vs. Maharashtra Scooters Limited | Jindal Poly vs. Vardhman Holdings Limited |
| Whirlpool vs. Styrenix Performance Materials | Whirlpool vs. LLOYDS METALS AND | Whirlpool vs. Shyam Metalics and | Whirlpool vs. JGCHEMICALS 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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