Correlation Between Juniper Hotels and Exide Industries
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By analyzing existing cross correlation between Juniper Hotels and Exide Industries Limited, you can compare the effects of market volatilities on Juniper Hotels and Exide Industries 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 Exide Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Exide Industries.
Diversification Opportunities for Juniper Hotels and Exide Industries
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juniper and Exide is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Exide Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exide Industries 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 Exide Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exide Industries has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Exide Industries go up and down completely randomly.
Pair Corralation between Juniper Hotels and Exide Industries
Assuming the 90 days trading horizon Juniper Hotels is expected to generate 1.53 times more return on investment than Exide Industries. However, Juniper Hotels is 1.53 times more volatile than Exide Industries Limited. It trades about 0.14 of its potential returns per unit of risk. Exide Industries Limited is currently generating about -0.12 per unit of risk. If you would invest 33,400 in Juniper Hotels on August 30, 2024 and sell it today you would earn a total of 2,760 from holding Juniper Hotels or generate 8.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Juniper Hotels vs. Exide Industries Limited
Performance |
| Timeline |
| Juniper Hotels |
| Exide Industries |
Juniper Hotels and Exide Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Exide Industries
The main advantage of trading using opposite Juniper Hotels and Exide Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Exide Industries 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 Exide Industries will offset losses from the drop in Exide Industries' long position.| Juniper Hotels vs. Tata Communications Limited | Juniper Hotels vs. FCS Software Solutions | Juniper Hotels vs. Paramount Communications Limited | Juniper Hotels vs. Sonata Software Limited |
| Exide Industries vs. ADF Foods Limited | Exide Industries vs. Kamat Hotels Limited | Exide Industries vs. Advani Hotels Resorts | Exide Industries vs. Juniper Hotels |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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