Correlation Between PB Fintech and Global Health
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By analyzing existing cross correlation between PB Fintech Limited and Global Health Limited, you can compare the effects of market volatilities on PB Fintech and Global Health 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 Global Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of PB Fintech and Global Health.
Diversification Opportunities for PB Fintech and Global Health
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between POLICYBZR and Global is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding PB Fintech Limited and Global Health Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Health Limited 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 Global Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Health Limited has no effect on the direction of PB Fintech i.e., PB Fintech and Global Health go up and down completely randomly.
Pair Corralation between PB Fintech and Global Health
Assuming the 90 days trading horizon PB Fintech Limited is expected to generate 1.36 times more return on investment than Global Health. However, PB Fintech is 1.36 times more volatile than Global Health Limited. It trades about 0.22 of its potential returns per unit of risk. Global Health Limited is currently generating about -0.07 per unit of risk. If you would invest 170,115 in PB Fintech Limited on September 2, 2024 and sell it today you would earn a total of 19,275 from holding PB Fintech Limited or generate 11.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PB Fintech Limited vs. Global Health Limited
Performance |
| Timeline |
| PB Fintech Limited |
| Global Health Limited |
PB Fintech and Global Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PB Fintech and Global Health
The main advantage of trading using opposite PB Fintech and Global Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PB Fintech position performs unexpectedly, Global Health 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 Global Health will offset losses from the drop in Global Health's long position.| PB Fintech vs. Krebs Biochemicals and | PB Fintech vs. Hindcon Chemicals Limited | PB Fintech vs. Reliance Home Finance | PB Fintech vs. Embassy Office Parks |
| Global Health vs. LLOYDS METALS AND | Global Health vs. Hindware Home Innovation | Global Health vs. Oriental Hotels Limited | Global Health vs. SINCLAIRS HOTELS ORD |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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