Correlation Between Network18 Media and Sasken Technologies
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By analyzing existing cross correlation between Network18 Media Investments and Sasken Technologies Limited, you can compare the effects of market volatilities on Network18 Media and Sasken Technologies 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 Network18 Media with a short position of Sasken Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Network18 Media and Sasken Technologies.
Diversification Opportunities for Network18 Media and Sasken Technologies
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Network18 and Sasken is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Network18 Media Investments and Sasken Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sasken Technologies and Network18 Media 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 Network18 Media Investments are associated (or correlated) with Sasken Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sasken Technologies has no effect on the direction of Network18 Media i.e., Network18 Media and Sasken Technologies go up and down completely randomly.
Pair Corralation between Network18 Media and Sasken Technologies
Assuming the 90 days trading horizon Network18 Media Investments is expected to under-perform the Sasken Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Network18 Media Investments is 1.1 times less risky than Sasken Technologies. The stock trades about -0.14 of its potential returns per unit of risk. The Sasken Technologies Limited is currently generating about 0.41 of returns per unit of risk over similar time horizon. If you would invest 169,474 in Sasken Technologies Limited on September 2, 2024 and sell it today you would earn a total of 49,496 from holding Sasken Technologies Limited or generate 29.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Network18 Media Investments vs. Sasken Technologies Limited
Performance |
| Timeline |
| Network18 Media Inve |
| Sasken Technologies |
Network18 Media and Sasken Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Network18 Media and Sasken Technologies
The main advantage of trading using opposite Network18 Media and Sasken Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Network18 Media position performs unexpectedly, Sasken Technologies 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 Sasken Technologies will offset losses from the drop in Sasken Technologies' long position.| Network18 Media vs. Xchanging Solutions Limited | Network18 Media vs. Kingfa Science Technology | Network18 Media vs. Rico Auto Industries | Network18 Media vs. GACM Technologies Limited |
| Sasken Technologies vs. Network18 Media Investments | Sasken Technologies vs. Touchwood Entertainment Limited | Sasken Technologies vs. SIL Investments Limited | Sasken Technologies vs. Nalwa Sons Investments |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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