Correlation Between State Bank and Amrutanjan Health
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By analyzing existing cross correlation between State Bank of and Amrutanjan Health Care, you can compare the effects of market volatilities on State Bank and Amrutanjan Health 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 State Bank with a short position of Amrutanjan Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Bank and Amrutanjan Health.
Diversification Opportunities for State Bank and Amrutanjan Health
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between State and Amrutanjan is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding State Bank of and Amrutanjan Health Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amrutanjan Health Care and State Bank 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 State Bank of are associated (or correlated) with Amrutanjan Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amrutanjan Health Care has no effect on the direction of State Bank i.e., State Bank and Amrutanjan Health go up and down completely randomly.
Pair Corralation between State Bank and Amrutanjan Health
Assuming the 90 days trading horizon State Bank of is expected to generate 0.98 times more return on investment than Amrutanjan Health. However, State Bank of is 1.02 times less risky than Amrutanjan Health. It trades about 0.07 of its potential returns per unit of risk. Amrutanjan Health Care is currently generating about -0.12 per unit of risk. If you would invest 79,455 in State Bank of on August 25, 2024 and sell it today you would earn a total of 2,150 from holding State Bank of or generate 2.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
State Bank of vs. Amrutanjan Health Care
Performance |
| Timeline |
| State Bank |
| Amrutanjan Health Care |
State Bank and Amrutanjan Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Bank and Amrutanjan Health
The main advantage of trading using opposite State Bank and Amrutanjan Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Bank position performs unexpectedly, Amrutanjan Health 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 Amrutanjan Health will offset losses from the drop in Amrutanjan Health's long position.| State Bank vs. Max Financial Services | State Bank vs. Geojit Financial Services | State Bank vs. Datamatics Global Services | State Bank vs. Chalet Hotels Limited |
| Amrutanjan Health vs. Kingfa Science Technology | Amrutanjan Health vs. Rico Auto Industries | Amrutanjan Health vs. GACM Technologies Limited | Amrutanjan Health vs. COSMO FIRST LIMITED |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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