Correlation Between Citrus Leisure and Janashakthi Insurance
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By analyzing existing cross correlation between Citrus Leisure PLC and Janashakthi Insurance, you can compare the effects of market volatilities on Citrus Leisure and Janashakthi Insurance 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 Citrus Leisure with a short position of Janashakthi Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citrus Leisure and Janashakthi Insurance.
Diversification Opportunities for Citrus Leisure and Janashakthi Insurance
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citrus and Janashakthi is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Citrus Leisure PLC and Janashakthi Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janashakthi Insurance and Citrus Leisure 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 Citrus Leisure PLC are associated (or correlated) with Janashakthi Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janashakthi Insurance has no effect on the direction of Citrus Leisure i.e., Citrus Leisure and Janashakthi Insurance go up and down completely randomly.
Pair Corralation between Citrus Leisure and Janashakthi Insurance
Assuming the 90 days trading horizon Citrus Leisure is expected to generate 11.29 times less return on investment than Janashakthi Insurance. But when comparing it to its historical volatility, Citrus Leisure PLC is 1.64 times less risky than Janashakthi Insurance. It trades about 0.01 of its potential returns per unit of risk. Janashakthi Insurance is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 4,410 in Janashakthi Insurance on August 27, 2024 and sell it today you would earn a total of 80.00 from holding Janashakthi Insurance or generate 1.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citrus Leisure PLC vs. Janashakthi Insurance
Performance |
| Timeline |
| Citrus Leisure PLC |
| Janashakthi Insurance |
Citrus Leisure and Janashakthi Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citrus Leisure and Janashakthi Insurance
The main advantage of trading using opposite Citrus Leisure and Janashakthi Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citrus Leisure position performs unexpectedly, Janashakthi Insurance 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 Janashakthi Insurance will offset losses from the drop in Janashakthi Insurance's long position.| Citrus Leisure vs. Hatton National Bank | Citrus Leisure vs. CEYLON HOSPITALS PLC | Citrus Leisure vs. HVA Foods PLC | Citrus Leisure vs. Convenience Foods PLC |
| Janashakthi Insurance vs. HVA Foods PLC | Janashakthi Insurance vs. Seylan Bank PLC | Janashakthi Insurance vs. Amaya Leisure PLC | Janashakthi Insurance vs. Ceylon Guardian Investment |
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 Stocks Directory module to find actively traded stocks across global markets.
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