Correlation Between Juniper Hotels and Indian Hotels
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By analyzing existing cross correlation between Juniper Hotels and The Indian Hotels, you can compare the effects of market volatilities on Juniper Hotels and Indian Hotels 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 Indian Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Indian Hotels.
Diversification Opportunities for Juniper Hotels and Indian Hotels
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Juniper and Indian is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and The Indian Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indian Hotels 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 Indian Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indian Hotels has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Indian Hotels go up and down completely randomly.
Pair Corralation between Juniper Hotels and Indian Hotels
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Indian Hotels. In addition to that, Juniper Hotels is 1.03 times more volatile than The Indian Hotels. It trades about -0.05 of its total potential returns per unit of risk. The Indian Hotels is currently generating about 0.14 per unit of volatility. If you would invest 71,030 in The Indian Hotels on August 28, 2024 and sell it today you would earn a total of 8,645 from holding The Indian Hotels or generate 12.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.56% |
| Values | Daily Returns |
Juniper Hotels vs. The Indian Hotels
Performance |
| Timeline |
| Juniper Hotels |
| Indian Hotels |
Juniper Hotels and Indian Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Indian Hotels
The main advantage of trading using opposite Juniper Hotels and Indian Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Indian Hotels 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 Indian Hotels will offset losses from the drop in Indian Hotels' long position.| Juniper Hotels vs. Life Insurance | Juniper Hotels vs. V2 Retail Limited | Juniper Hotels vs. Pritish Nandy Communications | Juniper Hotels vs. Varun Beverages Limited |
| Indian Hotels vs. MMTC Limited | Indian Hotels vs. Kingfa Science Technology | Indian Hotels vs. Rico Auto Industries | Indian Hotels vs. GACM Technologies 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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