Correlation Between Juniper Hotels and ZF Commercial
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By analyzing existing cross correlation between Juniper Hotels and ZF Commercial Vehicle, you can compare the effects of market volatilities on Juniper Hotels and ZF Commercial 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 ZF Commercial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and ZF Commercial.
Diversification Opportunities for Juniper Hotels and ZF Commercial
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Juniper and ZFCVINDIA is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and ZF Commercial Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZF Commercial Vehicle 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 ZF Commercial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZF Commercial Vehicle has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and ZF Commercial go up and down completely randomly.
Pair Corralation between Juniper Hotels and ZF Commercial
Assuming the 90 days trading horizon Juniper Hotels is expected to generate 1.05 times more return on investment than ZF Commercial. However, Juniper Hotels is 1.05 times more volatile than ZF Commercial Vehicle. It trades about -0.13 of its potential returns per unit of risk. ZF Commercial Vehicle is currently generating about -0.14 per unit of risk. If you would invest 39,880 in Juniper Hotels on November 2, 2024 and sell it today you would lose (11,835) from holding Juniper Hotels or give up 29.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juniper Hotels vs. ZF Commercial Vehicle
Performance |
| Timeline |
| Juniper Hotels |
| ZF Commercial Vehicle |
Juniper Hotels and ZF Commercial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and ZF Commercial
The main advantage of trading using opposite Juniper Hotels and ZF Commercial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, ZF Commercial 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 ZF Commercial will offset losses from the drop in ZF Commercial's long position.| Juniper Hotels vs. Praxis Home Retail | Juniper Hotels vs. Bigbloc Construction Limited | Juniper Hotels vs. Hindustan Construction | Juniper Hotels vs. Spencers Retail Limited |
| ZF Commercial vs. Baazar Style Retail | ZF Commercial vs. V Mart Retail Limited | ZF Commercial vs. UFO Moviez India | ZF Commercial vs. Electronics Mart India |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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