Correlation Between JTL Industries and AGI Greenpac
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By analyzing existing cross correlation between JTL Industries and AGI Greenpac Limited, you can compare the effects of market volatilities on JTL Industries and AGI Greenpac 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 JTL Industries with a short position of AGI Greenpac. Check out your portfolio center. Please also check ongoing floating volatility patterns of JTL Industries and AGI Greenpac.
Diversification Opportunities for JTL Industries and AGI Greenpac
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JTL and AGI is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding JTL Industries and AGI Greenpac Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGI Greenpac Limited and JTL Industries 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 JTL Industries are associated (or correlated) with AGI Greenpac. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGI Greenpac Limited has no effect on the direction of JTL Industries i.e., JTL Industries and AGI Greenpac go up and down completely randomly.
Pair Corralation between JTL Industries and AGI Greenpac
Assuming the 90 days trading horizon JTL Industries is expected to generate 4.83 times less return on investment than AGI Greenpac. But when comparing it to its historical volatility, JTL Industries is 1.38 times less risky than AGI Greenpac. It trades about 0.1 of its potential returns per unit of risk. AGI Greenpac Limited is currently generating about 0.35 of returns per unit of risk over similar time horizon. If you would invest 95,375 in AGI Greenpac Limited on September 13, 2024 and sell it today you would earn a total of 26,995 from holding AGI Greenpac Limited or generate 28.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
JTL Industries vs. AGI Greenpac Limited
Performance |
| Timeline |
| JTL Industries |
| AGI Greenpac Limited |
JTL Industries and AGI Greenpac Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JTL Industries and AGI Greenpac
The main advantage of trading using opposite JTL Industries and AGI Greenpac positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JTL Industries position performs unexpectedly, AGI Greenpac 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 AGI Greenpac will offset losses from the drop in AGI Greenpac's long position.| JTL Industries vs. Sapphire Foods India | JTL Industries vs. Apex Frozen Foods | JTL Industries vs. LT Foods Limited | JTL Industries vs. Agro Tech Foods |
| AGI Greenpac vs. Archean Chemical Industries | AGI Greenpac vs. Bajaj Holdings Investment | AGI Greenpac vs. Jindal Poly Investment | AGI Greenpac vs. Rashtriya Chemicals and |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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