Correlation Between Page Industries and ICICI Lombard
Specify exactly 2 symbols:
By analyzing existing cross correlation between Page Industries Limited and ICICI Lombard General, you can compare the effects of market volatilities on Page Industries and ICICI Lombard 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 ICICI Lombard. Check out your portfolio center. Please also check ongoing floating volatility patterns of Page Industries and ICICI Lombard.
Diversification Opportunities for Page Industries and ICICI Lombard
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Page and ICICI is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Page Industries Limited and ICICI Lombard General in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICICI Lombard General 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 ICICI Lombard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICICI Lombard General has no effect on the direction of Page Industries i.e., Page Industries and ICICI Lombard go up and down completely randomly.
Pair Corralation between Page Industries and ICICI Lombard
Assuming the 90 days trading horizon Page Industries is expected to generate 2.22 times less return on investment than ICICI Lombard. In addition to that, Page Industries is 1.04 times more volatile than ICICI Lombard General. It trades about 0.04 of its total potential returns per unit of risk. ICICI Lombard General is currently generating about 0.08 per unit of volatility. If you would invest 110,327 in ICICI Lombard General on September 29, 2024 and sell it today you would earn a total of 72,918 from holding ICICI Lombard General or generate 66.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Page Industries Limited vs. ICICI Lombard General
Performance |
| Timeline |
| Page Industries |
| ICICI Lombard General |
Page Industries and ICICI Lombard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Page Industries and ICICI Lombard
The main advantage of trading using opposite Page Industries and ICICI Lombard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Page Industries position performs unexpectedly, ICICI Lombard 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 ICICI Lombard will offset losses from the drop in ICICI Lombard's 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 |
| ICICI Lombard vs. MRF Limited | ICICI Lombard vs. The Orissa Minerals | ICICI Lombard vs. Honeywell Automation India | ICICI Lombard vs. Page Industries 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |