Correlation Between Juniper Hotels and Taj GVK
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By analyzing existing cross correlation between Juniper Hotels and Taj GVK Hotels, you can compare the effects of market volatilities on Juniper Hotels and Taj GVK 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 Taj GVK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Taj GVK.
Diversification Opportunities for Juniper Hotels and Taj GVK
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Juniper and Taj is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Taj GVK Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taj GVK 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 Taj GVK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taj GVK Hotels has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Taj GVK go up and down completely randomly.
Pair Corralation between Juniper Hotels and Taj GVK
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Taj GVK. But the stock apears to be less risky and, when comparing its historical volatility, Juniper Hotels is 1.25 times less risky than Taj GVK. The stock trades about -0.2 of its potential returns per unit of risk. The Taj GVK Hotels is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 29,715 in Taj GVK Hotels on August 25, 2024 and sell it today you would earn a total of 3,345 from holding Taj GVK Hotels or generate 11.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juniper Hotels vs. Taj GVK Hotels
Performance |
| Timeline |
| Juniper Hotels |
| Taj GVK Hotels |
Juniper Hotels and Taj GVK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Taj GVK
The main advantage of trading using opposite Juniper Hotels and Taj GVK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Taj GVK 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 Taj GVK will offset losses from the drop in Taj GVK's long position.| Juniper Hotels vs. Shyam Metalics and | Juniper Hotels vs. Sintex Plastics Technology | Juniper Hotels vs. Transport of | Juniper Hotels vs. Alkali Metals Limited |
| Taj GVK vs. Reliance Industries Limited | Taj GVK vs. Indian Oil | Taj GVK vs. HDFC Bank Limited | Taj GVK vs. Divis Laboratories 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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