Correlation Between Juniper Hotels and Shemaroo Entertainment
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By analyzing existing cross correlation between Juniper Hotels and Shemaroo Entertainment Limited, you can compare the effects of market volatilities on Juniper Hotels and Shemaroo Entertainment 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 Shemaroo Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Shemaroo Entertainment.
Diversification Opportunities for Juniper Hotels and Shemaroo Entertainment
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juniper and Shemaroo is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Shemaroo Entertainment Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shemaroo Entertainment 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 Shemaroo Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shemaroo Entertainment has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Shemaroo Entertainment go up and down completely randomly.
Pair Corralation between Juniper Hotels and Shemaroo Entertainment
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Shemaroo Entertainment. But the stock apears to be less risky and, when comparing its historical volatility, Juniper Hotels is 1.2 times less risky than Shemaroo Entertainment. The stock trades about -0.23 of its potential returns per unit of risk. The Shemaroo Entertainment Limited is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 16,826 in Shemaroo Entertainment Limited on October 19, 2024 and sell it today you would lose (1,787) from holding Shemaroo Entertainment Limited or give up 10.62% 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. Shemaroo Entertainment Limited
Performance |
| Timeline |
| Juniper Hotels |
| Shemaroo Entertainment |
Juniper Hotels and Shemaroo Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Shemaroo Entertainment
The main advantage of trading using opposite Juniper Hotels and Shemaroo Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Shemaroo Entertainment 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 Shemaroo Entertainment will offset losses from the drop in Shemaroo Entertainment's long position.| Juniper Hotels vs. 21st Century Management | Juniper Hotels vs. Total Transport Systems | Juniper Hotels vs. Ortel Communications Limited | Juniper Hotels vs. Datamatics Global Services |
| Shemaroo Entertainment vs. Clean Science and | Shemaroo Entertainment vs. Apollo Sindoori Hotels | Shemaroo Entertainment vs. Juniper Hotels | Shemaroo Entertainment vs. Samhi Hotels 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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