Correlation Between NIFTY SUMER and Emkay Global
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By analyzing existing cross correlation between NIFTY SUMER DURABLES and Emkay Global Financial, you can compare the effects of market volatilities on NIFTY SUMER and Emkay Global 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 Emkay Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of NIFTY SUMER and Emkay Global.
Diversification Opportunities for NIFTY SUMER and Emkay Global
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between NIFTY and Emkay is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding NIFTY SUMER DURABLES and Emkay Global Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emkay Global Financial 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 Emkay Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emkay Global Financial has no effect on the direction of NIFTY SUMER i.e., NIFTY SUMER and Emkay Global go up and down completely randomly.
Pair Corralation between NIFTY SUMER and Emkay Global
Assuming the 90 days trading horizon NIFTY SUMER DURABLES is expected to generate 0.72 times more return on investment than Emkay Global. However, NIFTY SUMER DURABLES is 1.4 times less risky than Emkay Global. It trades about -0.24 of its potential returns per unit of risk. Emkay Global Financial is currently generating about -0.29 per unit of risk. If you would invest 4,153,485 in NIFTY SUMER DURABLES on October 28, 2024 and sell it today you would lose (349,715) from holding NIFTY SUMER DURABLES or give up 8.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NIFTY SUMER DURABLES vs. Emkay Global Financial
Performance |
| Timeline |
NIFTY SUMER and Emkay Global Volatility Contrast
Predicted Return Density |
| Returns |
NIFTY SUMER DURABLES
Pair trading matchups for NIFTY SUMER
Emkay Global Financial
Pair trading matchups for Emkay Global
Pair Trading with NIFTY SUMER and Emkay Global
The main advantage of trading using opposite NIFTY SUMER and Emkay Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NIFTY SUMER position performs unexpectedly, Emkay Global 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 Emkay Global will offset losses from the drop in Emkay Global's long position.| NIFTY SUMER vs. Osia Hyper Retail | NIFTY SUMER vs. V Mart Retail Limited | NIFTY SUMER vs. Varun Beverages Limited | NIFTY SUMER vs. Landmark Cars Limited |
| Emkay Global vs. JB Chemicals Pharmaceuticals | Emkay Global vs. Varun Beverages Limited | Emkay Global vs. Southern Petrochemicals Industries | Emkay Global vs. Kewal Kiran Clothing |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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