Correlation Between PSG FINANCIAL and NEW MAURITIUS

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Can any of the company-specific risk be diversified away by investing in both PSG FINANCIAL and NEW MAURITIUS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining PSG FINANCIAL and NEW MAURITIUS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PSG FINANCIAL SERVICES and NEW MAURITIUS HOTELS, you can compare the effects of market volatilities on PSG FINANCIAL and NEW MAURITIUS 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 PSG FINANCIAL with a short position of NEW MAURITIUS. Check out your portfolio center. Please also check ongoing floating volatility patterns of PSG FINANCIAL and NEW MAURITIUS.

Diversification Opportunities for PSG FINANCIAL and NEW MAURITIUS

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between PSG and NEW is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PSG FINANCIAL SERVICES and NEW MAURITIUS HOTELS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEW MAURITIUS HOTELS and PSG FINANCIAL 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 PSG FINANCIAL SERVICES are associated (or correlated) with NEW MAURITIUS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEW MAURITIUS HOTELS has no effect on the direction of PSG FINANCIAL i.e., PSG FINANCIAL and NEW MAURITIUS go up and down completely randomly.

Pair Corralation between PSG FINANCIAL and NEW MAURITIUS

If you would invest  860.00  in NEW MAURITIUS HOTELS on August 28, 2024 and sell it today you would earn a total of  560.00  from holding NEW MAURITIUS HOTELS or generate 65.12% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.71%
ValuesDaily Returns

PSG FINANCIAL SERVICES  vs.  NEW MAURITIUS HOTELS

 Performance 
       Timeline  
PSG FINANCIAL SERVICES 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days PSG FINANCIAL SERVICES has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, PSG FINANCIAL is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
NEW MAURITIUS HOTELS 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in NEW MAURITIUS HOTELS are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite somewhat unsteady essential indicators, NEW MAURITIUS may actually be approaching a critical reversion point that can send shares even higher in December 2024.

PSG FINANCIAL and NEW MAURITIUS Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with PSG FINANCIAL and NEW MAURITIUS

The main advantage of trading using opposite PSG FINANCIAL and NEW MAURITIUS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PSG FINANCIAL position performs unexpectedly, NEW MAURITIUS 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 NEW MAURITIUS will offset losses from the drop in NEW MAURITIUS's long position.
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The idea behind PSG FINANCIAL SERVICES and NEW MAURITIUS HOTELS pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.

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