Correlation Between POWERGRID Infrastructure and Indian Card
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By analyzing existing cross correlation between POWERGRID Infrastructure Investment and Indian Card Clothing, you can compare the effects of market volatilities on POWERGRID Infrastructure and Indian Card 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 POWERGRID Infrastructure with a short position of Indian Card. Check out your portfolio center. Please also check ongoing floating volatility patterns of POWERGRID Infrastructure and Indian Card.
Diversification Opportunities for POWERGRID Infrastructure and Indian Card
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between POWERGRID and Indian is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding POWERGRID Infrastructure Inves and Indian Card Clothing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indian Card Clothing and POWERGRID Infrastructure 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 POWERGRID Infrastructure Investment are associated (or correlated) with Indian Card. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indian Card Clothing has no effect on the direction of POWERGRID Infrastructure i.e., POWERGRID Infrastructure and Indian Card go up and down completely randomly.
Pair Corralation between POWERGRID Infrastructure and Indian Card
Assuming the 90 days trading horizon POWERGRID Infrastructure Investment is expected to generate 0.11 times more return on investment than Indian Card. However, POWERGRID Infrastructure Investment is 8.99 times less risky than Indian Card. It trades about -0.46 of its potential returns per unit of risk. Indian Card Clothing is currently generating about -0.16 per unit of risk. If you would invest 8,701 in POWERGRID Infrastructure Investment on October 16, 2024 and sell it today you would lose (492.00) from holding POWERGRID Infrastructure Investment or give up 5.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
POWERGRID Infrastructure Inves vs. Indian Card Clothing
Performance |
| Timeline |
| POWERGRID Infrastructure |
| Indian Card Clothing |
POWERGRID Infrastructure and Indian Card Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with POWERGRID Infrastructure and Indian Card
The main advantage of trading using opposite POWERGRID Infrastructure and Indian Card positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if POWERGRID Infrastructure position performs unexpectedly, Indian Card 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 Indian Card will offset losses from the drop in Indian Card's long position.| POWERGRID Infrastructure vs. Sarthak Metals Limited | POWERGRID Infrastructure vs. Gokul Refoils and | POWERGRID Infrastructure vs. Motilal Oswal Financial | POWERGRID Infrastructure vs. Ankit Metal Power |
| Indian Card vs. Data Patterns Limited | Indian Card vs. Jaypee Infratech Limited | Indian Card vs. Newgen Software Technologies | Indian Card vs. Kingfa Science Technology |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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