Correlation Between Juniper Hotels and Megastar Foods
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By analyzing existing cross correlation between Juniper Hotels and Megastar Foods Limited, you can compare the effects of market volatilities on Juniper Hotels and Megastar 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 Megastar Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Megastar Foods.
Diversification Opportunities for Juniper Hotels and Megastar Foods
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Juniper and Megastar is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Megastar Foods Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Megastar Foods 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 Megastar Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Megastar Foods has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Megastar Foods go up and down completely randomly.
Pair Corralation between Juniper Hotels and Megastar Foods
Assuming the 90 days trading horizon Juniper Hotels is expected to generate 1.0 times more return on investment than Megastar Foods. However, Juniper Hotels is 1.0 times less risky than Megastar Foods. It trades about -0.01 of its potential returns per unit of risk. Megastar Foods Limited is currently generating about -0.05 per unit of risk. If you would invest 40,150 in Juniper Hotels on September 14, 2024 and sell it today you would lose (4,130) from holding Juniper Hotels or give up 10.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 80.41% |
| Values | Daily Returns |
Juniper Hotels vs. Megastar Foods Limited
Performance |
| Timeline |
| Juniper Hotels |
| Megastar Foods |
Juniper Hotels and Megastar Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Megastar Foods
The main advantage of trading using opposite Juniper Hotels and Megastar Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Megastar 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 Megastar Foods will offset losses from the drop in Megastar Foods' long position.| Juniper Hotels vs. Sonata Software Limited | Juniper Hotels vs. Sportking India Limited | Juniper Hotels vs. SINCLAIRS HOTELS ORD | Juniper Hotels vs. Apollo Sindoori Hotels |
| Megastar Foods vs. State Bank of | Megastar Foods vs. Life Insurance | Megastar Foods vs. HDFC Bank Limited | Megastar Foods vs. ICICI Bank 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 CEOs Directory module to screen CEOs from public companies around the world.
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