Correlation Between Manaksia Coated and Blue Coast
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By analyzing existing cross correlation between Manaksia Coated Metals and Blue Coast Hotels, you can compare the effects of market volatilities on Manaksia Coated and Blue Coast 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 Manaksia Coated with a short position of Blue Coast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manaksia Coated and Blue Coast.
Diversification Opportunities for Manaksia Coated and Blue Coast
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Manaksia and Blue is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Manaksia Coated Metals and Blue Coast Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Coast Hotels and Manaksia Coated 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 Manaksia Coated Metals are associated (or correlated) with Blue Coast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Coast Hotels has no effect on the direction of Manaksia Coated i.e., Manaksia Coated and Blue Coast go up and down completely randomly.
Pair Corralation between Manaksia Coated and Blue Coast
Assuming the 90 days trading horizon Manaksia Coated Metals is expected to generate 1.8 times more return on investment than Blue Coast. However, Manaksia Coated is 1.8 times more volatile than Blue Coast Hotels. It trades about 0.1 of its potential returns per unit of risk. Blue Coast Hotels is currently generating about 0.05 per unit of risk. If you would invest 1,891 in Manaksia Coated Metals on September 4, 2024 and sell it today you would earn a total of 5,906 from holding Manaksia Coated Metals or generate 312.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.74% |
| Values | Daily Returns |
Manaksia Coated Metals vs. Blue Coast Hotels
Performance |
| Timeline |
| Manaksia Coated Metals |
| Blue Coast Hotels |
Manaksia Coated and Blue Coast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manaksia Coated and Blue Coast
The main advantage of trading using opposite Manaksia Coated and Blue Coast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manaksia Coated position performs unexpectedly, Blue Coast 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 Blue Coast will offset losses from the drop in Blue Coast's long position.| Manaksia Coated vs. Kingfa Science Technology | Manaksia Coated vs. Rico Auto Industries | Manaksia Coated vs. GACM Technologies Limited | Manaksia Coated vs. Delta Manufacturing Limited |
| Blue Coast vs. EIH Associated Hotels | Blue Coast vs. Taj GVK Hotels | Blue Coast vs. Lemon Tree Hotels | Blue Coast vs. Generic Engineering Construction |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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