Correlation Between NIFTY SUMER and AGI Greenpac
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By analyzing existing cross correlation between NIFTY SUMER DURABLES and AGI Greenpac Limited, you can compare the effects of market volatilities on NIFTY SUMER and AGI Greenpac 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 NIFTY SUMER with a short position of AGI Greenpac. Check out your portfolio center. Please also check ongoing floating volatility patterns of NIFTY SUMER and AGI Greenpac.
Diversification Opportunities for NIFTY SUMER and AGI Greenpac
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between NIFTY and AGI is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding NIFTY SUMER DURABLES and AGI Greenpac Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGI Greenpac Limited and NIFTY SUMER 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 NIFTY SUMER DURABLES are associated (or correlated) with AGI Greenpac. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGI Greenpac Limited has no effect on the direction of NIFTY SUMER i.e., NIFTY SUMER and AGI Greenpac go up and down completely randomly.
Pair Corralation between NIFTY SUMER and AGI Greenpac
Assuming the 90 days trading horizon NIFTY SUMER is expected to generate 222.6 times less return on investment than AGI Greenpac. But when comparing it to its historical volatility, NIFTY SUMER DURABLES is 174.46 times less risky than AGI Greenpac. It trades about 0.11 of its potential returns per unit of risk. AGI Greenpac Limited is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 30,968 in AGI Greenpac Limited on September 4, 2024 and sell it today you would earn a total of 74,262 from holding AGI Greenpac Limited or generate 239.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.19% |
| Values | Daily Returns |
NIFTY SUMER DURABLES vs. AGI Greenpac Limited
Performance |
| Timeline |
NIFTY SUMER and AGI Greenpac Volatility Contrast
Predicted Return Density |
| Returns |
NIFTY SUMER DURABLES
Pair trading matchups for NIFTY SUMER
AGI Greenpac Limited
Pair trading matchups for AGI Greenpac
Pair Trading with NIFTY SUMER and AGI Greenpac
The main advantage of trading using opposite NIFTY SUMER and AGI Greenpac positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NIFTY SUMER position performs unexpectedly, AGI Greenpac 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 AGI Greenpac will offset losses from the drop in AGI Greenpac's long position.| NIFTY SUMER vs. Uniinfo Telecom Services | NIFTY SUMER vs. Teamlease Services Limited | NIFTY SUMER vs. Gujarat Lease Financing | NIFTY SUMER vs. Jindal Steel Power |
| AGI Greenpac vs. SIL Investments Limited | AGI Greenpac vs. Jindal Poly Investment | AGI Greenpac vs. Industrial Investment Trust | AGI Greenpac vs. One 97 Communications |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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