Correlation Between Kingfa Science and Bikaji Foods
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By analyzing existing cross correlation between Kingfa Science Technology and Bikaji Foods International, you can compare the effects of market volatilities on Kingfa Science and Bikaji Foods 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 Kingfa Science with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and Bikaji Foods.
Diversification Opportunities for Kingfa Science and Bikaji Foods
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kingfa and Bikaji is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and Bikaji Foods International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bikaji Foods Interna and Kingfa Science 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 Kingfa Science Technology are associated (or correlated) with Bikaji Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bikaji Foods Interna has no effect on the direction of Kingfa Science i.e., Kingfa Science and Bikaji Foods go up and down completely randomly.
Pair Corralation between Kingfa Science and Bikaji Foods
Assuming the 90 days trading horizon Kingfa Science Technology is expected to under-perform the Bikaji Foods. But the stock apears to be less risky and, when comparing its historical volatility, Kingfa Science Technology is 1.12 times less risky than Bikaji Foods. The stock trades about -0.04 of its potential returns per unit of risk. The Bikaji Foods International is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 87,800 in Bikaji Foods International on September 12, 2024 and sell it today you would lose (2,670) from holding Bikaji Foods International or give up 3.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingfa Science Technology vs. Bikaji Foods International
Performance |
| Timeline |
| Kingfa Science Technology |
| Bikaji Foods Interna |
Kingfa Science and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and Bikaji Foods
The main advantage of trading using opposite Kingfa Science and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, Bikaji Foods 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 Bikaji Foods will offset losses from the drop in Bikaji Foods' long position.| Kingfa Science vs. NMDC Limited | Kingfa Science vs. Steel Authority of | Kingfa Science vs. Embassy Office Parks | Kingfa Science vs. Gujarat Narmada Valley |
| Bikaji Foods vs. State Bank of | Bikaji Foods vs. Life Insurance | Bikaji Foods vs. HDFC Bank Limited | Bikaji Foods vs. ICICI Bank 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 CEOs Directory module to screen CEOs from public companies around the world.
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