Correlation Between Page Industries and Bosch
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By analyzing existing cross correlation between Page Industries Limited and Bosch Limited, you can compare the effects of market volatilities on Page Industries and Bosch 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 Bosch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Page Industries and Bosch.
Diversification Opportunities for Page Industries and Bosch
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Page and Bosch is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Page Industries Limited and Bosch Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosch Limited 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 Bosch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosch Limited has no effect on the direction of Page Industries i.e., Page Industries and Bosch go up and down completely randomly.
Pair Corralation between Page Industries and Bosch
Assuming the 90 days trading horizon Page Industries is expected to generate 16.21 times less return on investment than Bosch. In addition to that, Page Industries is 1.06 times more volatile than Bosch Limited. It trades about 0.01 of its total potential returns per unit of risk. Bosch Limited is currently generating about 0.11 per unit of volatility. If you would invest 1,687,350 in Bosch Limited on August 30, 2024 and sell it today you would earn a total of 1,801,575 from holding Bosch Limited or generate 106.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Page Industries Limited vs. Bosch Limited
Performance |
| Timeline |
| Page Industries |
| Bosch Limited |
Page Industries and Bosch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Page Industries and Bosch
The main advantage of trading using opposite Page Industries and Bosch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Page Industries position performs unexpectedly, Bosch 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 Bosch will offset losses from the drop in Bosch's long position.| Page Industries vs. Oriental Hotels Limited | Page Industries vs. Lemon Tree Hotels | Page Industries vs. Juniper Hotels | Page Industries vs. Samhi Hotels Limited |
| Bosch vs. Imagicaaworld Entertainment Limited | Bosch vs. Network18 Media Investments | Bosch vs. Total Transport Systems | Bosch vs. Zee Entertainment Enterprises |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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