Correlation Between Kohinoor Foods and Cantabil Retail
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By analyzing existing cross correlation between Kohinoor Foods Limited and Cantabil Retail India, you can compare the effects of market volatilities on Kohinoor Foods and Cantabil Retail 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 Kohinoor Foods with a short position of Cantabil Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kohinoor Foods and Cantabil Retail.
Diversification Opportunities for Kohinoor Foods and Cantabil Retail
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kohinoor and Cantabil is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Kohinoor Foods Limited and Cantabil Retail India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cantabil Retail India and Kohinoor Foods 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 Kohinoor Foods Limited are associated (or correlated) with Cantabil Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cantabil Retail India has no effect on the direction of Kohinoor Foods i.e., Kohinoor Foods and Cantabil Retail go up and down completely randomly.
Pair Corralation between Kohinoor Foods and Cantabil Retail
Assuming the 90 days trading horizon Kohinoor Foods Limited is expected to under-perform the Cantabil Retail. But the stock apears to be less risky and, when comparing its historical volatility, Kohinoor Foods Limited is 1.48 times less risky than Cantabil Retail. The stock trades about -0.13 of its potential returns per unit of risk. The Cantabil Retail India is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 28,570 in Cantabil Retail India on November 7, 2024 and sell it today you would lose (165.00) from holding Cantabil Retail India or give up 0.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kohinoor Foods Limited vs. Cantabil Retail India
Performance |
| Timeline |
| Kohinoor Foods |
| Cantabil Retail India |
Kohinoor Foods and Cantabil Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kohinoor Foods and Cantabil Retail
The main advantage of trading using opposite Kohinoor Foods and Cantabil Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kohinoor Foods position performs unexpectedly, Cantabil Retail 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 Cantabil Retail will offset losses from the drop in Cantabil Retail's long position.| Kohinoor Foods vs. HT Media Limited | Kohinoor Foods vs. LT Foods Limited | Kohinoor Foods vs. Sambhaav Media Limited | Kohinoor Foods vs. Vinati Organics Limited |
| Cantabil Retail vs. Kaynes Technology India | Cantabil Retail vs. Sintex Plastics Technology | Cantabil Retail vs. Newgen Software Technologies | Cantabil Retail vs. Compucom Software 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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