Correlation Between PB Fintech and Dow Jones
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By analyzing existing cross correlation between PB Fintech Limited and Dow Jones Industrial, you can compare the effects of market volatilities on PB Fintech and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of PB Fintech and Dow Jones.
Diversification Opportunities for PB Fintech and Dow Jones
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between POLICYBZR and Dow is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding PB Fintech Limited and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of PB Fintech i.e., PB Fintech and Dow Jones go up and down completely randomly.
Pair Corralation between PB Fintech and Dow Jones
Assuming the 90 days trading horizon PB Fintech Limited is expected to generate 2.37 times more return on investment than Dow Jones. However, PB Fintech is 2.37 times more volatile than Dow Jones Industrial. It trades about 0.1 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.22 per unit of risk. If you would invest 166,185 in PB Fintech Limited on August 27, 2024 and sell it today you would earn a total of 6,740 from holding PB Fintech Limited or generate 4.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
PB Fintech Limited vs. Dow Jones Industrial
Performance |
| Timeline |
PB Fintech and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
PB Fintech Limited
Pair trading matchups for PB Fintech
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with PB Fintech and Dow Jones
The main advantage of trading using opposite PB Fintech and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PB Fintech position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| PB Fintech vs. Reliance Industries Limited | PB Fintech vs. Life Insurance | PB Fintech vs. Indian Oil | PB Fintech vs. Oil Natural Gas |
| Dow Jones vs. MI Homes | Dow Jones vs. Franklin Street Properties | Dow Jones vs. Summit Hotel Properties | Dow Jones vs. Portillos |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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