Correlation Between Kilitch Drugs and Global Health
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By analyzing existing cross correlation between Kilitch Drugs Limited and Global Health Limited, you can compare the effects of market volatilities on Kilitch Drugs and Global Health 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 Global Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kilitch Drugs and Global Health.
Diversification Opportunities for Kilitch Drugs and Global Health
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kilitch and Global is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Kilitch Drugs Limited and Global Health Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Health 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 Global Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Health Limited has no effect on the direction of Kilitch Drugs i.e., Kilitch Drugs and Global Health go up and down completely randomly.
Pair Corralation between Kilitch Drugs and Global Health
Assuming the 90 days trading horizon Kilitch Drugs Limited is expected to under-perform the Global Health. In addition to that, Kilitch Drugs is 1.17 times more volatile than Global Health Limited. It trades about -0.01 of its total potential returns per unit of risk. Global Health Limited is currently generating about 0.04 per unit of volatility. If you would invest 113,470 in Global Health Limited on November 28, 2024 and sell it today you would earn a total of 7,725 from holding Global Health Limited or generate 6.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kilitch Drugs Limited vs. Global Health Limited
Performance |
| Timeline |
| Kilitch Drugs Limited |
| Global Health Limited |
Kilitch Drugs and Global Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kilitch Drugs and Global Health
The main advantage of trading using opposite Kilitch Drugs and Global Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kilitch Drugs position performs unexpectedly, Global Health 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 Global Health will offset losses from the drop in Global Health'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 |
| Global Health vs. Dhanuka Agritech Limited | Global Health vs. Landmark Cars Limited | Global Health vs. Nazara Technologies Limited | Global Health vs. Orient Technologies 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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