Correlation Between Pritish Nandy and Bikaji Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between Pritish Nandy Communications and Bikaji Foods International, you can compare the effects of market volatilities on Pritish Nandy and Bikaji Foods 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 Pritish Nandy with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pritish Nandy and Bikaji Foods.
Diversification Opportunities for Pritish Nandy and Bikaji Foods
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Pritish and Bikaji is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Pritish Nandy Communications and Bikaji Foods International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bikaji Foods Interna and Pritish Nandy 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 Pritish Nandy Communications are associated (or correlated) with Bikaji Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bikaji Foods Interna has no effect on the direction of Pritish Nandy i.e., Pritish Nandy and Bikaji Foods go up and down completely randomly.
Pair Corralation between Pritish Nandy and Bikaji Foods
Assuming the 90 days trading horizon Pritish Nandy Communications is expected to under-perform the Bikaji Foods. In addition to that, Pritish Nandy is 1.44 times more volatile than Bikaji Foods International. It trades about -0.36 of its total potential returns per unit of risk. Bikaji Foods International is currently generating about -0.26 per unit of volatility. If you would invest 80,270 in Bikaji Foods International on October 30, 2024 and sell it today you would lose (15,550) from holding Bikaji Foods International or give up 19.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pritish Nandy Communications vs. Bikaji Foods International
Performance |
| Timeline |
| Pritish Nandy Commun |
| Bikaji Foods Interna |
Pritish Nandy and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pritish Nandy and Bikaji Foods
The main advantage of trading using opposite Pritish Nandy and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pritish Nandy position performs unexpectedly, Bikaji Foods 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 Bikaji Foods will offset losses from the drop in Bikaji Foods' long position.| Pritish Nandy vs. V Mart Retail Limited | Pritish Nandy vs. Praxis Home Retail | Pritish Nandy vs. Radiant Cash Management | Pritish Nandy vs. Silgo Retail Limited |
| Bikaji Foods vs. Gangotri Textiles Limited | Bikaji Foods vs. Hemisphere Properties India | Bikaji Foods vs. Kingfa Science Technology | Bikaji Foods vs. Rico Auto Industries |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |