Correlation Between Sasken Technologies and ICICI Bank
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By analyzing existing cross correlation between Sasken Technologies Limited and ICICI Bank Limited, you can compare the effects of market volatilities on Sasken Technologies and ICICI Bank 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 Sasken Technologies with a short position of ICICI Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sasken Technologies and ICICI Bank.
Diversification Opportunities for Sasken Technologies and ICICI Bank
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sasken and ICICI is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Sasken Technologies Limited and ICICI Bank Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICICI Bank Limited and Sasken Technologies 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 Sasken Technologies Limited are associated (or correlated) with ICICI Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICICI Bank Limited has no effect on the direction of Sasken Technologies i.e., Sasken Technologies and ICICI Bank go up and down completely randomly.
Pair Corralation between Sasken Technologies and ICICI Bank
Assuming the 90 days trading horizon Sasken Technologies Limited is expected to generate 1.87 times more return on investment than ICICI Bank. However, Sasken Technologies is 1.87 times more volatile than ICICI Bank Limited. It trades about 0.12 of its potential returns per unit of risk. ICICI Bank Limited is currently generating about -0.26 per unit of risk. If you would invest 206,100 in Sasken Technologies Limited on October 12, 2024 and sell it today you would earn a total of 8,450 from holding Sasken Technologies Limited or generate 4.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sasken Technologies Limited vs. ICICI Bank Limited
Performance |
| Timeline |
| Sasken Technologies |
| ICICI Bank Limited |
Sasken Technologies and ICICI Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sasken Technologies and ICICI Bank
The main advantage of trading using opposite Sasken Technologies and ICICI Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sasken Technologies position performs unexpectedly, ICICI Bank 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 ICICI Bank will offset losses from the drop in ICICI Bank's long position.| Sasken Technologies vs. Edelweiss Financial Services | Sasken Technologies vs. DCM Financial Services | Sasken Technologies vs. The Federal Bank | Sasken Technologies vs. Home First Finance |
| ICICI Bank vs. California Software | ICICI Bank vs. Sonata Software Limited | ICICI Bank vs. Le Travenues Technology | ICICI Bank vs. Sasken Technologies Limited |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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