Correlation Between Kalyani Steels and CREDITACCESS GRAMEEN
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By analyzing existing cross correlation between Kalyani Steels Limited and CREDITACCESS GRAMEEN LIMITED, you can compare the effects of market volatilities on Kalyani Steels and CREDITACCESS GRAMEEN 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 Kalyani Steels with a short position of CREDITACCESS GRAMEEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kalyani Steels and CREDITACCESS GRAMEEN.
Diversification Opportunities for Kalyani Steels and CREDITACCESS GRAMEEN
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kalyani and CREDITACCESS is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Kalyani Steels Limited and CREDITACCESS GRAMEEN LIMITED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CREDITACCESS GRAMEEN and Kalyani Steels 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 Kalyani Steels Limited are associated (or correlated) with CREDITACCESS GRAMEEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CREDITACCESS GRAMEEN has no effect on the direction of Kalyani Steels i.e., Kalyani Steels and CREDITACCESS GRAMEEN go up and down completely randomly.
Pair Corralation between Kalyani Steels and CREDITACCESS GRAMEEN
Assuming the 90 days trading horizon Kalyani Steels is expected to generate 4.33 times less return on investment than CREDITACCESS GRAMEEN. In addition to that, Kalyani Steels is 1.09 times more volatile than CREDITACCESS GRAMEEN LIMITED. It trades about 0.03 of its total potential returns per unit of risk. CREDITACCESS GRAMEEN LIMITED is currently generating about 0.14 per unit of volatility. If you would invest 90,340 in CREDITACCESS GRAMEEN LIMITED on October 12, 2024 and sell it today you would earn a total of 9,615 from holding CREDITACCESS GRAMEEN LIMITED or generate 10.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kalyani Steels Limited vs. CREDITACCESS GRAMEEN LIMITED
Performance |
| Timeline |
| Kalyani Steels |
| CREDITACCESS GRAMEEN |
Kalyani Steels and CREDITACCESS GRAMEEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kalyani Steels and CREDITACCESS GRAMEEN
The main advantage of trading using opposite Kalyani Steels and CREDITACCESS GRAMEEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kalyani Steels position performs unexpectedly, CREDITACCESS GRAMEEN 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 CREDITACCESS GRAMEEN will offset losses from the drop in CREDITACCESS GRAMEEN's long position.| Kalyani Steels vs. Dev Information Technology | Kalyani Steels vs. LT Technology Services | Kalyani Steels vs. Compucom Software Limited | Kalyani Steels vs. Embassy Office Parks |
| CREDITACCESS GRAMEEN vs. Vraj Iron and | CREDITACCESS GRAMEEN vs. Kalyani Steels Limited | CREDITACCESS GRAMEEN vs. HDFC Asset Management | CREDITACCESS GRAMEEN vs. STEEL EXCHANGE INDIA |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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