Correlation Between Page Industries and Automotive Stampings
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By analyzing existing cross correlation between Page Industries Limited and Automotive Stampings and, you can compare the effects of market volatilities on Page Industries and Automotive Stampings 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 Page Industries with a short position of Automotive Stampings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Page Industries and Automotive Stampings.
Diversification Opportunities for Page Industries and Automotive Stampings
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Page and Automotive is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Page Industries Limited and Automotive Stampings and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Automotive Stampings and and Page Industries 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 Page Industries Limited are associated (or correlated) with Automotive Stampings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Automotive Stampings and has no effect on the direction of Page Industries i.e., Page Industries and Automotive Stampings go up and down completely randomly.
Pair Corralation between Page Industries and Automotive Stampings
Assuming the 90 days trading horizon Page Industries Limited is expected to generate 0.28 times more return on investment than Automotive Stampings. However, Page Industries Limited is 3.61 times less risky than Automotive Stampings. It trades about 0.34 of its potential returns per unit of risk. Automotive Stampings and is currently generating about 0.04 per unit of risk. If you would invest 4,548,735 in Page Industries Limited on September 27, 2024 and sell it today you would earn a total of 337,370 from holding Page Industries Limited or generate 7.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Page Industries Limited vs. Automotive Stampings and
Performance |
| Timeline |
| Page Industries |
| Automotive Stampings and |
Page Industries and Automotive Stampings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Page Industries and Automotive Stampings
The main advantage of trading using opposite Page Industries and Automotive Stampings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Page Industries position performs unexpectedly, Automotive Stampings 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 Automotive Stampings will offset losses from the drop in Automotive Stampings' long position.| Page Industries vs. Kaushalya Infrastructure Development | Page Industries vs. Tarapur Transformers Limited | Page Industries vs. Kingfa Science Technology | Page Industries vs. Rico Auto Industries |
| Automotive Stampings vs. Reliance Industries Limited | Automotive Stampings vs. Life Insurance | Automotive Stampings vs. Indian Oil | Automotive Stampings vs. Oil Natural Gas |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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