Correlation Between Power Finance and ABM International
Specify exactly 2 symbols:
By analyzing existing cross correlation between Power Finance and ABM International Limited, you can compare the effects of market volatilities on Power Finance and ABM International 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 Power Finance with a short position of ABM International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Power Finance and ABM International.
Diversification Opportunities for Power Finance and ABM International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Power and ABM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Power Finance and ABM International Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ABM International and Power Finance 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 Power Finance are associated (or correlated) with ABM International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ABM International has no effect on the direction of Power Finance i.e., Power Finance and ABM International go up and down completely randomly.
Pair Corralation between Power Finance and ABM International
If you would invest 6,076 in ABM International Limited on August 30, 2024 and sell it today you would earn a total of 808.00 from holding ABM International Limited or generate 13.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Power Finance vs. ABM International Limited
Performance |
| Timeline |
| Power Finance |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ABM International |
Power Finance and ABM International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Power Finance and ABM International
The main advantage of trading using opposite Power Finance and ABM International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Power Finance position performs unexpectedly, ABM International 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 ABM International will offset losses from the drop in ABM International's long position.| Power Finance vs. Apollo Sindoori Hotels | Power Finance vs. The Investment Trust | Power Finance vs. Clean Science and | Power Finance vs. Chalet Hotels Limited |
| ABM International vs. Action Construction Equipment | ABM International vs. Future Retail Limited | ABM International vs. Cantabil Retail India | ABM International vs. OnMobile Global 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |