Correlation Between Sasken Technologies and POWERGRID Infrastructure
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By analyzing existing cross correlation between Sasken Technologies Limited and POWERGRID Infrastructure Investment, you can compare the effects of market volatilities on Sasken Technologies and POWERGRID Infrastructure 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 POWERGRID Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sasken Technologies and POWERGRID Infrastructure.
Diversification Opportunities for Sasken Technologies and POWERGRID Infrastructure
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sasken and POWERGRID is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Sasken Technologies Limited and POWERGRID Infrastructure Inves in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on POWERGRID Infrastructure 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 POWERGRID Infrastructure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of POWERGRID Infrastructure has no effect on the direction of Sasken Technologies i.e., Sasken Technologies and POWERGRID Infrastructure go up and down completely randomly.
Pair Corralation between Sasken Technologies and POWERGRID Infrastructure
Assuming the 90 days trading horizon Sasken Technologies Limited is expected to generate 5.87 times more return on investment than POWERGRID Infrastructure. However, Sasken Technologies is 5.87 times more volatile than POWERGRID Infrastructure Investment. It trades about 0.11 of its potential returns per unit of risk. POWERGRID Infrastructure Investment is currently generating about -0.16 per unit of risk. If you would invest 194,645 in Sasken Technologies Limited on September 13, 2024 and sell it today you would earn a total of 11,455 from holding Sasken Technologies Limited or generate 5.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Sasken Technologies Limited vs. POWERGRID Infrastructure Inves
Performance |
| Timeline |
| Sasken Technologies |
| POWERGRID Infrastructure |
Sasken Technologies and POWERGRID Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sasken Technologies and POWERGRID Infrastructure
The main advantage of trading using opposite Sasken Technologies and POWERGRID Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sasken Technologies position performs unexpectedly, POWERGRID Infrastructure 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 POWERGRID Infrastructure will offset losses from the drop in POWERGRID Infrastructure's long position.| Sasken Technologies vs. Vodafone Idea Limited | Sasken Technologies vs. Yes Bank Limited | Sasken Technologies vs. Indian Overseas Bank | Sasken Technologies vs. Indian Oil |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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