Correlation Between Sasken Technologies and UCO Bank
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By analyzing existing cross correlation between Sasken Technologies Limited and UCO Bank, you can compare the effects of market volatilities on Sasken Technologies and UCO 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 UCO Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sasken Technologies and UCO Bank.
Diversification Opportunities for Sasken Technologies and UCO Bank
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sasken and UCO is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Sasken Technologies Limited and UCO Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UCO Bank 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 UCO Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UCO Bank has no effect on the direction of Sasken Technologies i.e., Sasken Technologies and UCO Bank go up and down completely randomly.
Pair Corralation between Sasken Technologies and UCO Bank
Assuming the 90 days trading horizon Sasken Technologies Limited is expected to under-perform the UCO Bank. But the stock apears to be less risky and, when comparing its historical volatility, Sasken Technologies Limited is 2.05 times less risky than UCO Bank. The stock trades about -0.01 of its potential returns per unit of risk. The UCO Bank is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 4,357 in UCO Bank on October 24, 2024 and sell it today you would lose (42.00) from holding UCO Bank or give up 0.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sasken Technologies Limited vs. UCO Bank
Performance |
| Timeline |
| Sasken Technologies |
| UCO Bank |
Sasken Technologies and UCO Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sasken Technologies and UCO Bank
The main advantage of trading using opposite Sasken Technologies and UCO Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sasken Technologies position performs unexpectedly, UCO 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 UCO Bank will offset losses from the drop in UCO Bank's long position.| Sasken Technologies vs. Rajnandini Metal Limited | Sasken Technologies vs. Ankit Metal Power | Sasken Technologies vs. Manaksia Coated Metals | Sasken Technologies vs. Total Transport Systems |
| UCO Bank vs. Cholamandalam Investment and | UCO Bank vs. Ankit Metal Power | UCO Bank vs. Alkali Metals Limited | UCO Bank vs. Total Transport Systems |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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