Correlation Between Kfin Technologies and Yatra Online
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By analyzing existing cross correlation between Kfin Technologies Limited and Yatra Online Limited, you can compare the effects of market volatilities on Kfin Technologies and Yatra Online 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 Kfin Technologies with a short position of Yatra Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kfin Technologies and Yatra Online.
Diversification Opportunities for Kfin Technologies and Yatra Online
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kfin and Yatra is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Kfin Technologies Limited and Yatra Online Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yatra Online Limited and Kfin Technologies 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 Kfin Technologies Limited are associated (or correlated) with Yatra Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yatra Online Limited has no effect on the direction of Kfin Technologies i.e., Kfin Technologies and Yatra Online go up and down completely randomly.
Pair Corralation between Kfin Technologies and Yatra Online
Assuming the 90 days trading horizon Kfin Technologies Limited is expected to under-perform the Yatra Online. In addition to that, Kfin Technologies is 1.88 times more volatile than Yatra Online Limited. It trades about -0.35 of its total potential returns per unit of risk. Yatra Online Limited is currently generating about -0.48 per unit of volatility. If you would invest 11,836 in Yatra Online Limited on November 3, 2024 and sell it today you would lose (2,343) from holding Yatra Online Limited or give up 19.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kfin Technologies Limited vs. Yatra Online Limited
Performance |
| Timeline |
| Kfin Technologies |
| Yatra Online Limited |
Kfin Technologies and Yatra Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kfin Technologies and Yatra Online
The main advantage of trading using opposite Kfin Technologies and Yatra Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kfin Technologies position performs unexpectedly, Yatra Online 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 Yatra Online will offset losses from the drop in Yatra Online's long position.| Kfin Technologies vs. GM Breweries Limited | Kfin Technologies vs. LT Technology Services | Kfin Technologies vs. Clean Science and | Kfin Technologies vs. FCS Software Solutions |
| Yatra Online vs. AVALON TECHNOLOGIES LTD | Yatra Online vs. UFO Moviez India | Yatra Online vs. Cartrade Tech Limited | Yatra Online vs. Spencers Retail 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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