Correlation Between SBI Life and Page Industries
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By analyzing existing cross correlation between SBI Life Insurance and Page Industries Limited, you can compare the effects of market volatilities on SBI Life and Page Industries 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 SBI Life with a short position of Page Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBI Life and Page Industries.
Diversification Opportunities for SBI Life and Page Industries
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SBI and Page is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding SBI Life Insurance and Page Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Page Industries and SBI Life 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 SBI Life Insurance are associated (or correlated) with Page Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Page Industries has no effect on the direction of SBI Life i.e., SBI Life and Page Industries go up and down completely randomly.
Pair Corralation between SBI Life and Page Industries
Assuming the 90 days trading horizon SBI Life Insurance is expected to under-perform the Page Industries. But the stock apears to be less risky and, when comparing its historical volatility, SBI Life Insurance is 1.23 times less risky than Page Industries. The stock trades about -0.32 of its potential returns per unit of risk. The Page Industries Limited is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 4,303,705 in Page Industries Limited on September 5, 2024 and sell it today you would earn a total of 310,620 from holding Page Industries Limited or generate 7.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
SBI Life Insurance vs. Page Industries Limited
Performance |
| Timeline |
| SBI Life Insurance |
| Page Industries |
SBI Life and Page Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SBI Life and Page Industries
The main advantage of trading using opposite SBI Life and Page Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBI Life position performs unexpectedly, Page Industries 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 Page Industries will offset losses from the drop in Page Industries' long position.| SBI Life vs. Unitech Limited | SBI Life vs. Palred Technologies Limited | SBI Life vs. PYRAMID TECHNOPLAST ORD | SBI Life vs. Newgen Software Technologies |
| Page Industries vs. Karur Vysya Bank | Page Industries vs. The Federal Bank | Page Industries vs. Associated Alcohols Breweries | Page Industries vs. SBI Life Insurance |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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