Correlation Between Juniper Hotels and Bikaji Foods
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By analyzing existing cross correlation between Juniper Hotels and Bikaji Foods International, you can compare the effects of market volatilities on Juniper Hotels 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 Juniper Hotels with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Bikaji Foods.
Diversification Opportunities for Juniper Hotels and Bikaji Foods
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Juniper and Bikaji is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels 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 Juniper Hotels 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 Juniper Hotels 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 Juniper Hotels i.e., Juniper Hotels and Bikaji Foods go up and down completely randomly.
Pair Corralation between Juniper Hotels and Bikaji Foods
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Bikaji Foods. In addition to that, Juniper Hotels is 1.38 times more volatile than Bikaji Foods International. It trades about -0.01 of its total potential returns per unit of risk. Bikaji Foods International is currently generating about 0.08 per unit of volatility. If you would invest 42,187 in Bikaji Foods International on September 3, 2024 and sell it today you would earn a total of 37,078 from holding Bikaji Foods International or generate 87.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 40.38% |
| Values | Daily Returns |
Juniper Hotels vs. Bikaji Foods International
Performance |
| Timeline |
| Juniper Hotels |
| Bikaji Foods Interna |
Juniper Hotels and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Bikaji Foods
The main advantage of trading using opposite Juniper Hotels and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels 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.| Juniper Hotels vs. Paramount Communications Limited | Juniper Hotels vs. Data Patterns Limited | Juniper Hotels vs. Newgen Software Technologies | Juniper Hotels vs. Jaypee Infratech Limited |
| Bikaji Foods vs. Tata Consultancy Services | Bikaji Foods vs. Quess Corp Limited | Bikaji Foods vs. Reliance Industries Limited | Bikaji Foods vs. Infosys 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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