Correlation Between Kewal Kiran and Infomedia Press
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By analyzing existing cross correlation between Kewal Kiran Clothing and Infomedia Press Limited, you can compare the effects of market volatilities on Kewal Kiran and Infomedia Press 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 Kewal Kiran with a short position of Infomedia Press. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kewal Kiran and Infomedia Press.
Diversification Opportunities for Kewal Kiran and Infomedia Press
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kewal and Infomedia is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Kewal Kiran Clothing and Infomedia Press Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Infomedia Press and Kewal Kiran 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 Kewal Kiran Clothing are associated (or correlated) with Infomedia Press. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Infomedia Press has no effect on the direction of Kewal Kiran i.e., Kewal Kiran and Infomedia Press go up and down completely randomly.
Pair Corralation between Kewal Kiran and Infomedia Press
Assuming the 90 days trading horizon Kewal Kiran Clothing is expected to under-perform the Infomedia Press. But the stock apears to be less risky and, when comparing its historical volatility, Kewal Kiran Clothing is 1.18 times less risky than Infomedia Press. The stock trades about -0.45 of its potential returns per unit of risk. The Infomedia Press Limited is currently generating about -0.32 of returns per unit of risk over similar time horizon. If you would invest 791.00 in Infomedia Press Limited on October 16, 2024 and sell it today you would lose (124.00) from holding Infomedia Press Limited or give up 15.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kewal Kiran Clothing vs. Infomedia Press Limited
Performance |
| Timeline |
| Kewal Kiran Clothing |
| Infomedia Press |
Kewal Kiran and Infomedia Press Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kewal Kiran and Infomedia Press
The main advantage of trading using opposite Kewal Kiran and Infomedia Press positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kewal Kiran position performs unexpectedly, Infomedia Press 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 Infomedia Press will offset losses from the drop in Infomedia Press' long position.| Kewal Kiran vs. Centum Electronics Limited | Kewal Kiran vs. Salzer Electronics Limited | Kewal Kiran vs. Chembond Chemicals | Kewal Kiran vs. Garware Hi Tech Films |
| Infomedia Press vs. Tata Chemicals Limited | Infomedia Press vs. Paramount Communications Limited | Infomedia Press vs. Dharani SugarsChemicals Limited | Infomedia Press vs. Avonmore Capital Management |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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