Correlation Between Samhi Hotels and Hilton Metal
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By analyzing existing cross correlation between Samhi Hotels Limited and Hilton Metal Forging, you can compare the effects of market volatilities on Samhi Hotels and Hilton Metal 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 Samhi Hotels with a short position of Hilton Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samhi Hotels and Hilton Metal.
Diversification Opportunities for Samhi Hotels and Hilton Metal
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Samhi and Hilton is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Samhi Hotels Limited and Hilton Metal Forging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hilton Metal Forging and Samhi Hotels 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 Samhi Hotels Limited are associated (or correlated) with Hilton Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hilton Metal Forging has no effect on the direction of Samhi Hotels i.e., Samhi Hotels and Hilton Metal go up and down completely randomly.
Pair Corralation between Samhi Hotels and Hilton Metal
Assuming the 90 days trading horizon Samhi Hotels Limited is expected to generate 0.96 times more return on investment than Hilton Metal. However, Samhi Hotels Limited is 1.04 times less risky than Hilton Metal. It trades about 0.01 of its potential returns per unit of risk. Hilton Metal Forging is currently generating about -0.19 per unit of risk. If you would invest 18,282 in Samhi Hotels Limited on September 2, 2024 and sell it today you would earn a total of 17.00 from holding Samhi Hotels Limited or generate 0.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Samhi Hotels Limited vs. Hilton Metal Forging
Performance |
| Timeline |
| Samhi Hotels Limited |
| Hilton Metal Forging |
Samhi Hotels and Hilton Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Samhi Hotels and Hilton Metal
The main advantage of trading using opposite Samhi Hotels and Hilton Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samhi Hotels position performs unexpectedly, Hilton Metal 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 Hilton Metal will offset losses from the drop in Hilton Metal's long position.| Samhi Hotels vs. Indian Railway Finance | Samhi Hotels vs. Cholamandalam Financial Holdings | Samhi Hotels vs. Reliance Industries Limited | Samhi Hotels vs. Tata Consultancy Services |
| Hilton Metal vs. Reliance Industries Limited | Hilton Metal vs. Life Insurance | Hilton Metal vs. Indian Oil | Hilton Metal vs. Oil Natural Gas |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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