Correlation Between Sasken Technologies and Zomato
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By analyzing existing cross correlation between Sasken Technologies Limited and Zomato Limited, you can compare the effects of market volatilities on Sasken Technologies and Zomato 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 Zomato. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sasken Technologies and Zomato.
Diversification Opportunities for Sasken Technologies and Zomato
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sasken and Zomato is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Sasken Technologies Limited and Zomato Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zomato 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 Zomato. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zomato Limited has no effect on the direction of Sasken Technologies i.e., Sasken Technologies and Zomato go up and down completely randomly.
Pair Corralation between Sasken Technologies and Zomato
Assuming the 90 days trading horizon Sasken Technologies Limited is expected to generate 0.72 times more return on investment than Zomato. However, Sasken Technologies Limited is 1.39 times less risky than Zomato. It trades about -0.1 of its potential returns per unit of risk. Zomato Limited is currently generating about -0.23 per unit of risk. If you would invest 213,980 in Sasken Technologies Limited on October 20, 2024 and sell it today you would lose (10,160) from holding Sasken Technologies Limited or give up 4.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sasken Technologies Limited vs. Zomato Limited
Performance |
| Timeline |
| Sasken Technologies |
| Zomato Limited |
Sasken Technologies and Zomato Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sasken Technologies and Zomato
The main advantage of trading using opposite Sasken Technologies and Zomato positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sasken Technologies position performs unexpectedly, Zomato 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 Zomato will offset losses from the drop in Zomato's long position.| Sasken Technologies vs. Apex Frozen Foods | Sasken Technologies vs. Advani Hotels Resorts | Sasken Technologies vs. Patanjali Foods Limited | Sasken Technologies vs. Bikaji Foods International |
| Zomato vs. Transport of | Zomato vs. Radiant Cash Management | Zomato vs. One 97 Communications | Zomato vs. Tree House Education |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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