Correlation Between Refex Industries and Delta Corp
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By analyzing existing cross correlation between Refex Industries Limited and Delta Corp Limited, you can compare the effects of market volatilities on Refex Industries and Delta Corp 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 Refex Industries with a short position of Delta Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Refex Industries and Delta Corp.
Diversification Opportunities for Refex Industries and Delta Corp
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Refex and Delta is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Refex Industries Limited and Delta Corp Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delta Corp Limited and Refex Industries 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 Refex Industries Limited are associated (or correlated) with Delta Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delta Corp Limited has no effect on the direction of Refex Industries i.e., Refex Industries and Delta Corp go up and down completely randomly.
Pair Corralation between Refex Industries and Delta Corp
Assuming the 90 days trading horizon Refex Industries Limited is expected to generate 1.09 times more return on investment than Delta Corp. However, Refex Industries is 1.09 times more volatile than Delta Corp Limited. It trades about 0.03 of its potential returns per unit of risk. Delta Corp Limited is currently generating about -0.12 per unit of risk. If you would invest 46,565 in Refex Industries Limited on November 6, 2024 and sell it today you would earn a total of 455.00 from holding Refex Industries Limited or generate 0.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Refex Industries Limited vs. Delta Corp Limited
Performance |
| Timeline |
| Refex Industries |
| Delta Corp Limited |
Refex Industries and Delta Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Refex Industries and Delta Corp
The main advantage of trading using opposite Refex Industries and Delta Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Refex Industries position performs unexpectedly, Delta Corp 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 Delta Corp will offset losses from the drop in Delta Corp's long position.| Refex Industries vs. Pilani Investment and | Refex Industries vs. Industrial Investment Trust | Refex Industries vs. Nalwa Sons Investments | Refex Industries vs. General Insurance |
| Delta Corp vs. Sportking India Limited | Delta Corp vs. AUTHUM INVESTMENT INFRASTRUCTU | Delta Corp vs. UTI Asset Management | Delta Corp vs. Bombay Burmah Trading |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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