Correlation Between LLOYDS METALS and Selan Exploration
Specify exactly 2 symbols:
By analyzing existing cross correlation between LLOYDS METALS AND and Selan Exploration Technology, you can compare the effects of market volatilities on LLOYDS METALS and Selan Exploration 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 LLOYDS METALS with a short position of Selan Exploration. Check out your portfolio center. Please also check ongoing floating volatility patterns of LLOYDS METALS and Selan Exploration.
Diversification Opportunities for LLOYDS METALS and Selan Exploration
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between LLOYDS and Selan is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding LLOYDS METALS AND and Selan Exploration Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Selan Exploration and LLOYDS METALS 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 LLOYDS METALS AND are associated (or correlated) with Selan Exploration. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Selan Exploration has no effect on the direction of LLOYDS METALS i.e., LLOYDS METALS and Selan Exploration go up and down completely randomly.
Pair Corralation between LLOYDS METALS and Selan Exploration
Assuming the 90 days trading horizon LLOYDS METALS AND is expected to generate 0.87 times more return on investment than Selan Exploration. However, LLOYDS METALS AND is 1.15 times less risky than Selan Exploration. It trades about 0.13 of its potential returns per unit of risk. Selan Exploration Technology is currently generating about -0.01 per unit of risk. If you would invest 97,285 in LLOYDS METALS AND on September 2, 2024 and sell it today you would earn a total of 6,665 from holding LLOYDS METALS AND or generate 6.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
LLOYDS METALS AND vs. Selan Exploration Technology
Performance |
| Timeline |
| LLOYDS METALS AND |
| Selan Exploration |
LLOYDS METALS and Selan Exploration Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LLOYDS METALS and Selan Exploration
The main advantage of trading using opposite LLOYDS METALS and Selan Exploration positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LLOYDS METALS position performs unexpectedly, Selan Exploration 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 Selan Exploration will offset losses from the drop in Selan Exploration's long position.| LLOYDS METALS vs. JSW Steel Limited | LLOYDS METALS vs. Tata Steel Limited | LLOYDS METALS vs. Jindal Steel Power | LLOYDS METALS vs. Jindal Stainless Limited |
| Selan Exploration vs. Digjam Limited | Selan Exploration vs. Gujarat Raffia Industries | Selan Exploration vs. Kingfa Science Technology | Selan Exploration vs. Rico Auto Industries |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |