Correlation Between NIFTY SUMER and SBI Mutual
Specify exactly 2 symbols:
By analyzing existing cross correlation between NIFTY SUMER DURABLES and SBI Mutual Fund, you can compare the effects of market volatilities on NIFTY SUMER and SBI Mutual 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 SBI Mutual. Check out your portfolio center. Please also check ongoing floating volatility patterns of NIFTY SUMER and SBI Mutual.
Diversification Opportunities for NIFTY SUMER and SBI Mutual
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between NIFTY and SBI is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding NIFTY SUMER DURABLES and SBI Mutual Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SBI Mutual Fund 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 SBI Mutual. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SBI Mutual Fund has no effect on the direction of NIFTY SUMER i.e., NIFTY SUMER and SBI Mutual go up and down completely randomly.
Pair Corralation between NIFTY SUMER and SBI Mutual
Assuming the 90 days trading horizon NIFTY SUMER DURABLES is expected to generate 1.07 times more return on investment than SBI Mutual. However, NIFTY SUMER is 1.07 times more volatile than SBI Mutual Fund. It trades about 0.14 of its potential returns per unit of risk. SBI Mutual Fund is currently generating about 0.05 per unit of risk. If you would invest 2,810,920 in NIFTY SUMER DURABLES on September 12, 2024 and sell it today you would earn a total of 1,439,270 from holding NIFTY SUMER DURABLES or generate 51.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 98.46% |
| Values | Daily Returns |
NIFTY SUMER DURABLES vs. SBI Mutual Fund
Performance |
| Timeline |
NIFTY SUMER and SBI Mutual Volatility Contrast
Predicted Return Density |
| Returns |
NIFTY SUMER DURABLES
Pair trading matchups for NIFTY SUMER
SBI Mutual Fund
Pair trading matchups for SBI Mutual
Pair Trading with NIFTY SUMER and SBI Mutual
The main advantage of trading using opposite NIFTY SUMER and SBI Mutual positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NIFTY SUMER position performs unexpectedly, SBI Mutual 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 SBI Mutual will offset losses from the drop in SBI Mutual's long position.| NIFTY SUMER vs. Selan Exploration Technology | NIFTY SUMER vs. Newgen Software Technologies | NIFTY SUMER vs. Cambridge Technology Enterprises | NIFTY SUMER vs. Nucleus Software Exports |
| SBI Mutual vs. Kingfa Science Technology | SBI Mutual vs. GTL Limited | SBI Mutual vs. Agro Phos India | SBI Mutual vs. Indo Amines Limited |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |