Correlation Between Juniper Hotels and Indo Amines
Specify exactly 2 symbols:
By analyzing existing cross correlation between Juniper Hotels and Indo Amines Limited, you can compare the effects of market volatilities on Juniper Hotels and Indo Amines 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 Indo Amines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Indo Amines.
Diversification Opportunities for Juniper Hotels and Indo Amines
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juniper and Indo is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Indo Amines Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indo Amines Limited 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 Indo Amines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indo Amines Limited has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Indo Amines go up and down completely randomly.
Pair Corralation between Juniper Hotels and Indo Amines
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Indo Amines. But the stock apears to be less risky and, when comparing its historical volatility, Juniper Hotels is 1.24 times less risky than Indo Amines. The stock trades about -0.34 of its potential returns per unit of risk. The Indo Amines Limited is currently generating about -0.18 of returns per unit of risk over similar time horizon. If you would invest 17,709 in Indo Amines Limited on November 3, 2024 and sell it today you would lose (2,757) from holding Indo Amines Limited or give up 15.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juniper Hotels vs. Indo Amines Limited
Performance |
| Timeline |
| Juniper Hotels |
| Indo Amines Limited |
Juniper Hotels and Indo Amines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Indo Amines
The main advantage of trading using opposite Juniper Hotels and Indo Amines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Indo Amines 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 Indo Amines will offset losses from the drop in Indo Amines' long position.| Juniper Hotels vs. Samhi Hotels Limited | Juniper Hotels vs. Asian Hotels Limited | Juniper Hotels vs. Tata Communications Limited | Juniper Hotels vs. Elin Electronics Limited |
| Indo Amines vs. Tube Investments of | Indo Amines vs. Cambridge Technology Enterprises | Indo Amines vs. Newgen Software Technologies | Indo Amines vs. Welspun Investments 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |