Correlation Between Sasken Technologies and Steelcast
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sasken Technologies Limited and Steelcast Limited, you can compare the effects of market volatilities on Sasken Technologies and Steelcast 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 Steelcast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sasken Technologies and Steelcast.
Diversification Opportunities for Sasken Technologies and Steelcast
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sasken and Steelcast is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Sasken Technologies Limited and Steelcast Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Steelcast 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 Steelcast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Steelcast Limited has no effect on the direction of Sasken Technologies i.e., Sasken Technologies and Steelcast go up and down completely randomly.
Pair Corralation between Sasken Technologies and Steelcast
Assuming the 90 days trading horizon Sasken Technologies is expected to generate 2.05 times less return on investment than Steelcast. In addition to that, Sasken Technologies is 1.0 times more volatile than Steelcast Limited. It trades about 0.04 of its total potential returns per unit of risk. Steelcast Limited is currently generating about 0.09 per unit of volatility. If you would invest 79,781 in Steelcast Limited on November 1, 2024 and sell it today you would earn a total of 11,594 from holding Steelcast Limited or generate 14.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.39% |
| Values | Daily Returns |
Sasken Technologies Limited vs. Steelcast Limited
Performance |
| Timeline |
| Sasken Technologies |
| Steelcast Limited |
Sasken Technologies and Steelcast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sasken Technologies and Steelcast
The main advantage of trading using opposite Sasken Technologies and Steelcast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sasken Technologies position performs unexpectedly, Steelcast 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 Steelcast will offset losses from the drop in Steelcast's long position.| Sasken Technologies vs. Fine Organic Industries | Sasken Technologies vs. Kohinoor Foods Limited | Sasken Technologies vs. Future Retail Limited | Sasken Technologies vs. Repco Home Finance |
| Steelcast vs. Southern Petrochemicals Industries | Steelcast vs. Gujarat Lease Financing | Steelcast vs. Omkar Speciality Chemicals | Steelcast vs. United Drilling Tools |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |