Correlation Between Refex Industries and Sambhaav Media
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By analyzing existing cross correlation between Refex Industries Limited and Sambhaav Media Limited, you can compare the effects of market volatilities on Refex Industries 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 Refex Industries with a short position of Sambhaav Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Refex Industries and Sambhaav Media.
Diversification Opportunities for Refex Industries and Sambhaav Media
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Refex and Sambhaav is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Refex Industries Limited and Sambhaav Media Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sambhaav Media 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 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 Refex Industries i.e., Refex Industries and Sambhaav Media go up and down completely randomly.
Pair Corralation between Refex Industries and Sambhaav Media
Assuming the 90 days trading horizon Refex Industries Limited is expected to generate 0.95 times more return on investment than Sambhaav Media. However, Refex Industries Limited is 1.05 times less risky than Sambhaav Media. It trades about -0.03 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 46,565 in Refex Industries Limited on November 7, 2024 and sell it today you would lose (1,145) from holding Refex Industries Limited or give up 2.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Refex Industries Limited vs. Sambhaav Media Limited
Performance |
| Timeline |
| Refex Industries |
| Sambhaav Media |
Refex Industries and Sambhaav Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Refex Industries and Sambhaav Media
The main advantage of trading using opposite Refex Industries and Sambhaav Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Refex Industries 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.| Refex Industries vs. Pilani Investment and | Refex Industries vs. Industrial Investment Trust | Refex Industries vs. Nalwa Sons Investments | Refex Industries vs. General Insurance |
| 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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