Correlation Between Kilitch Drugs and ICICI Bank
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By analyzing existing cross correlation between Kilitch Drugs Limited and ICICI Bank Limited, you can compare the effects of market volatilities on Kilitch Drugs and ICICI Bank 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 Kilitch Drugs with a short position of ICICI Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kilitch Drugs and ICICI Bank.
Diversification Opportunities for Kilitch Drugs and ICICI Bank
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kilitch and ICICI is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Kilitch Drugs Limited and ICICI Bank Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICICI Bank Limited and Kilitch Drugs 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 Kilitch Drugs Limited are associated (or correlated) with ICICI Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICICI Bank Limited has no effect on the direction of Kilitch Drugs i.e., Kilitch Drugs and ICICI Bank go up and down completely randomly.
Pair Corralation between Kilitch Drugs and ICICI Bank
Assuming the 90 days trading horizon Kilitch Drugs Limited is expected to generate 2.3 times more return on investment than ICICI Bank. However, Kilitch Drugs is 2.3 times more volatile than ICICI Bank Limited. It trades about 0.07 of its potential returns per unit of risk. ICICI Bank Limited is currently generating about 0.07 per unit of risk. If you would invest 15,990 in Kilitch Drugs Limited on November 28, 2024 and sell it today you would earn a total of 15,265 from holding Kilitch Drugs Limited or generate 95.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.78% |
| Values | Daily Returns |
Kilitch Drugs Limited vs. ICICI Bank Limited
Performance |
| Timeline |
| Kilitch Drugs Limited |
| ICICI Bank Limited |
Kilitch Drugs and ICICI Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kilitch Drugs and ICICI Bank
The main advantage of trading using opposite Kilitch Drugs and ICICI Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kilitch Drugs position performs unexpectedly, ICICI Bank 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 ICICI Bank will offset losses from the drop in ICICI Bank's long position.| Kilitch Drugs vs. Sintex Plastics Technology | Kilitch Drugs vs. AXISCADES Technologies Limited | Kilitch Drugs vs. TPL Plastech Limited | Kilitch Drugs vs. Elgi Rubber |
| ICICI Bank vs. Yatra Online Limited | ICICI Bank vs. LLOYDS METALS AND | ICICI Bank vs. Hilton Metal Forging | ICICI Bank vs. Praxis Home Retail |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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