Correlation Between Kohinoor Foods and Elin Electronics
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By analyzing existing cross correlation between Kohinoor Foods Limited and Elin Electronics Limited, you can compare the effects of market volatilities on Kohinoor Foods and Elin Electronics 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 Elin Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kohinoor Foods and Elin Electronics.
Diversification Opportunities for Kohinoor Foods and Elin Electronics
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kohinoor and Elin is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Kohinoor Foods Limited and Elin Electronics Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elin Electronics 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 Elin Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elin Electronics has no effect on the direction of Kohinoor Foods i.e., Kohinoor Foods and Elin Electronics go up and down completely randomly.
Pair Corralation between Kohinoor Foods and Elin Electronics
Assuming the 90 days trading horizon Kohinoor Foods Limited is expected to generate 1.79 times more return on investment than Elin Electronics. However, Kohinoor Foods is 1.79 times more volatile than Elin Electronics Limited. It trades about -0.02 of its potential returns per unit of risk. Elin Electronics Limited is currently generating about -0.32 per unit of risk. If you would invest 4,202 in Kohinoor Foods Limited on October 12, 2024 and sell it today you would lose (184.00) from holding Kohinoor Foods Limited or give up 4.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kohinoor Foods Limited vs. Elin Electronics Limited
Performance |
| Timeline |
| Kohinoor Foods |
| Elin Electronics |
Kohinoor Foods and Elin Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kohinoor Foods and Elin Electronics
The main advantage of trading using opposite Kohinoor Foods and Elin Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kohinoor Foods position performs unexpectedly, Elin Electronics 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 Elin Electronics will offset losses from the drop in Elin Electronics' long position.| Kohinoor Foods vs. Ratnamani Metals Tubes | Kohinoor Foods vs. Music Broadcast Limited | Kohinoor Foods vs. ILFS Investment Managers | Kohinoor Foods vs. Industrial Investment Trust |
| Elin Electronics vs. Spencers Retail Limited | Elin Electronics vs. Kohinoor Foods Limited | Elin Electronics vs. Apex Frozen Foods | Elin Electronics vs. Dodla Dairy 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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