Correlation Between PB Fintech and Can Fin
Specify exactly 2 symbols:
By analyzing existing cross correlation between PB Fintech Limited and Can Fin Homes, you can compare the effects of market volatilities on PB Fintech and Can Fin 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 PB Fintech with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of PB Fintech and Can Fin.
Diversification Opportunities for PB Fintech and Can Fin
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between POLICYBZR and Can is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding PB Fintech Limited and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and PB Fintech 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 PB Fintech Limited are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of PB Fintech i.e., PB Fintech and Can Fin go up and down completely randomly.
Pair Corralation between PB Fintech and Can Fin
Assuming the 90 days trading horizon PB Fintech Limited is expected to under-perform the Can Fin. In addition to that, PB Fintech is 1.92 times more volatile than Can Fin Homes. It trades about -0.25 of its total potential returns per unit of risk. Can Fin Homes is currently generating about -0.1 per unit of volatility. If you would invest 69,785 in Can Fin Homes on November 7, 2024 and sell it today you would lose (3,085) from holding Can Fin Homes or give up 4.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
PB Fintech Limited vs. Can Fin Homes
Performance |
| Timeline |
| PB Fintech Limited |
| Can Fin Homes |
PB Fintech and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PB Fintech and Can Fin
The main advantage of trading using opposite PB Fintech and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PB Fintech position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.| PB Fintech vs. Manaksia Coated Metals | PB Fintech vs. Hisar Metal Industries | PB Fintech vs. Jindal Drilling And | PB Fintech vs. Cantabil Retail India |
| Can Fin vs. Blue Coast Hotels | Can Fin vs. Elgi Rubber | Can Fin vs. Silgo Retail Limited | Can Fin vs. Modi Rubber 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |