Correlation Between Procter Gamble and Fino Payments
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By analyzing existing cross correlation between Procter Gamble Health and Fino Payments Bank, you can compare the effects of market volatilities on Procter Gamble and Fino Payments 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 Procter Gamble with a short position of Fino Payments. Check out your portfolio center. Please also check ongoing floating volatility patterns of Procter Gamble and Fino Payments.
Diversification Opportunities for Procter Gamble and Fino Payments
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Procter and Fino is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Procter Gamble Health and Fino Payments Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fino Payments Bank and Procter Gamble 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 Procter Gamble Health are associated (or correlated) with Fino Payments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fino Payments Bank has no effect on the direction of Procter Gamble i.e., Procter Gamble and Fino Payments go up and down completely randomly.
Pair Corralation between Procter Gamble and Fino Payments
Assuming the 90 days trading horizon Procter Gamble Health is expected to generate 0.84 times more return on investment than Fino Payments. However, Procter Gamble Health is 1.18 times less risky than Fino Payments. It trades about 0.01 of its potential returns per unit of risk. Fino Payments Bank is currently generating about -0.04 per unit of risk. If you would invest 517,205 in Procter Gamble Health on September 1, 2024 and sell it today you would earn a total of 500.00 from holding Procter Gamble Health or generate 0.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Procter Gamble Health vs. Fino Payments Bank
Performance |
| Timeline |
| Procter Gamble Health |
| Fino Payments Bank |
Procter Gamble and Fino Payments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Procter Gamble and Fino Payments
The main advantage of trading using opposite Procter Gamble and Fino Payments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Procter Gamble position performs unexpectedly, Fino Payments 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 Fino Payments will offset losses from the drop in Fino Payments' long position.| Procter Gamble vs. MRF Limited | Procter Gamble vs. Bosch Limited | Procter Gamble vs. Bajaj Holdings Investment | Procter Gamble vs. Vardhman Holdings Limited |
| Fino Payments vs. Rajnandini Metal Limited | Fino Payments vs. Pilani Investment and | Fino Payments vs. Coffee Day Enterprises | Fino Payments vs. KNR Constructions 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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