Correlation Between Punjab Sind and Sambhaav Media
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By analyzing existing cross correlation between Punjab Sind Bank and Sambhaav Media Limited, you can compare the effects of market volatilities on Punjab Sind and Sambhaav Media 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 Punjab Sind with a short position of Sambhaav Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Punjab Sind and Sambhaav Media.
Diversification Opportunities for Punjab Sind and Sambhaav Media
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Punjab and Sambhaav is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Punjab Sind Bank and Sambhaav Media Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sambhaav Media and Punjab Sind 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 Punjab Sind Bank are associated (or correlated) with Sambhaav Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sambhaav Media has no effect on the direction of Punjab Sind i.e., Punjab Sind and Sambhaav Media go up and down completely randomly.
Pair Corralation between Punjab Sind and Sambhaav Media
Assuming the 90 days trading horizon Punjab Sind Bank is expected to generate 1.4 times more return on investment than Sambhaav Media. However, Punjab Sind is 1.4 times more volatile than Sambhaav Media Limited. It trades about 0.02 of its potential returns per unit of risk. Sambhaav Media Limited is currently generating about -0.12 per unit of risk. If you would invest 4,702 in Punjab Sind Bank on November 7, 2024 and sell it today you would lose (14.00) from holding Punjab Sind Bank or give up 0.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Punjab Sind Bank vs. Sambhaav Media Limited
Performance |
| Timeline |
| Punjab Sind Bank |
| Sambhaav Media |
Punjab Sind and Sambhaav Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Punjab Sind and Sambhaav Media
The main advantage of trading using opposite Punjab Sind and Sambhaav Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Punjab Sind position performs unexpectedly, Sambhaav Media 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 Sambhaav Media will offset losses from the drop in Sambhaav Media's long position.| Punjab Sind vs. Jindal Poly Investment | Punjab Sind vs. Network18 Media Investments | Punjab Sind vs. Hilton Metal Forging | Punjab Sind vs. Ratnamani Metals Tubes |
| Sambhaav Media vs. Diligent Media | Sambhaav Media vs. Network18 Media Investments | Sambhaav Media vs. City Union Bank | Sambhaav Media vs. DCM Financial Services |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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