Correlation Between Praxis Home and Cantabil Retail
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By analyzing existing cross correlation between Praxis Home Retail and Cantabil Retail India, you can compare the effects of market volatilities on Praxis Home and Cantabil Retail 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 Praxis Home with a short position of Cantabil Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Praxis Home and Cantabil Retail.
Diversification Opportunities for Praxis Home and Cantabil Retail
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Praxis and Cantabil is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Praxis Home Retail and Cantabil Retail India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cantabil Retail India and Praxis Home 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 Praxis Home Retail are associated (or correlated) with Cantabil Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cantabil Retail India has no effect on the direction of Praxis Home i.e., Praxis Home and Cantabil Retail go up and down completely randomly.
Pair Corralation between Praxis Home and Cantabil Retail
Assuming the 90 days trading horizon Praxis Home Retail is expected to generate 1.14 times more return on investment than Cantabil Retail. However, Praxis Home is 1.14 times more volatile than Cantabil Retail India. It trades about 0.08 of its potential returns per unit of risk. Cantabil Retail India is currently generating about 0.01 per unit of risk. If you would invest 1,474 in Praxis Home Retail on October 26, 2024 and sell it today you would earn a total of 388.00 from holding Praxis Home Retail or generate 26.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Praxis Home Retail vs. Cantabil Retail India
Performance |
| Timeline |
| Praxis Home Retail |
| Cantabil Retail India |
Praxis Home and Cantabil Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Praxis Home and Cantabil Retail
The main advantage of trading using opposite Praxis Home and Cantabil Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Praxis Home position performs unexpectedly, Cantabil Retail 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 Cantabil Retail will offset losses from the drop in Cantabil Retail's long position.| Praxis Home vs. Kingfa Science Technology | Praxis Home vs. Rico Auto Industries | Praxis Home vs. GACM Technologies Limited | Praxis Home vs. COSMO FIRST LIMITED |
| Cantabil Retail vs. Zodiac Clothing | Cantabil Retail vs. Ratnamani Metals Tubes | Cantabil Retail vs. Kewal Kiran Clothing | Cantabil Retail vs. Tata Communications 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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