Correlation Between Jubilant Foodworks and Bikaji Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jubilant Foodworks Limited and Bikaji Foods International, you can compare the effects of market volatilities on Jubilant Foodworks and Bikaji Foods 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 Jubilant Foodworks with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jubilant Foodworks and Bikaji Foods.
Diversification Opportunities for Jubilant Foodworks and Bikaji Foods
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jubilant and Bikaji is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Jubilant Foodworks Limited and Bikaji Foods International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bikaji Foods Interna and Jubilant Foodworks 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 Jubilant Foodworks Limited are associated (or correlated) with Bikaji Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bikaji Foods Interna has no effect on the direction of Jubilant Foodworks i.e., Jubilant Foodworks and Bikaji Foods go up and down completely randomly.
Pair Corralation between Jubilant Foodworks and Bikaji Foods
Assuming the 90 days trading horizon Jubilant Foodworks is expected to generate 1.44 times less return on investment than Bikaji Foods. But when comparing it to its historical volatility, Jubilant Foodworks Limited is 1.27 times less risky than Bikaji Foods. It trades about 0.05 of its potential returns per unit of risk. Bikaji Foods International is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 36,776 in Bikaji Foods International on November 28, 2024 and sell it today you would earn a total of 27,449 from holding Bikaji Foods International or generate 74.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Jubilant Foodworks Limited vs. Bikaji Foods International
Performance |
| Timeline |
| Jubilant Foodworks |
| Bikaji Foods Interna |
Jubilant Foodworks and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jubilant Foodworks and Bikaji Foods
The main advantage of trading using opposite Jubilant Foodworks and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jubilant Foodworks position performs unexpectedly, Bikaji Foods 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 Bikaji Foods will offset losses from the drop in Bikaji Foods' long position.| Jubilant Foodworks vs. Tamilnadu Telecommunication Limited | Jubilant Foodworks vs. Vidhi Specialty Food | Jubilant Foodworks vs. Paramount Communications Limited | Jubilant Foodworks vs. LT Foods Limited |
| Bikaji Foods vs. Tamilnadu Telecommunication Limited | Bikaji Foods vs. DMCC SPECIALITY CHEMICALS | Bikaji Foods vs. One 97 Communications | Bikaji Foods vs. S P Apparels |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |