Correlation Between Juniper Hotels and Sasken Technologies
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By analyzing existing cross correlation between Juniper Hotels and Sasken Technologies Limited, you can compare the effects of market volatilities on Juniper Hotels and Sasken Technologies 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 Sasken Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Sasken Technologies.
Diversification Opportunities for Juniper Hotels and Sasken Technologies
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Juniper and Sasken is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Sasken Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sasken Technologies 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 Sasken Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sasken Technologies has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Sasken Technologies go up and down completely randomly.
Pair Corralation between Juniper Hotels and Sasken Technologies
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Sasken Technologies. In addition to that, Juniper Hotels is 1.05 times more volatile than Sasken Technologies Limited. It trades about -0.01 of its total potential returns per unit of risk. Sasken Technologies Limited is currently generating about 0.09 per unit of volatility. If you would invest 87,475 in Sasken Technologies Limited on September 3, 2024 and sell it today you would earn a total of 131,495 from holding Sasken Technologies Limited or generate 150.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 40.65% |
| Values | Daily Returns |
Juniper Hotels vs. Sasken Technologies Limited
Performance |
| Timeline |
| Juniper Hotels |
| Sasken Technologies |
Juniper Hotels and Sasken Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Sasken Technologies
The main advantage of trading using opposite Juniper Hotels and Sasken Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Sasken Technologies 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 Sasken Technologies will offset losses from the drop in Sasken Technologies' 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 |
| Sasken Technologies vs. Consolidated Construction Consortium | Sasken Technologies vs. Biofil Chemicals Pharmaceuticals | Sasken Technologies vs. Shipping | Sasken Technologies vs. Indo Borax Chemicals |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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