Correlation Between State Bank and Page Industries
Specify exactly 2 symbols:
By analyzing existing cross correlation between State Bank of and Page Industries Limited, you can compare the effects of market volatilities on State Bank 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 State Bank with a short position of Page Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Bank and Page Industries.
Diversification Opportunities for State Bank and Page Industries
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between State and Page is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding State Bank of and Page Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Page Industries 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 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 State Bank i.e., State Bank and Page Industries go up and down completely randomly.
Pair Corralation between State Bank and Page Industries
Assuming the 90 days trading horizon State Bank is expected to generate 1.44 times less return on investment than Page Industries. But when comparing it to its historical volatility, State Bank of is 1.06 times less risky than Page Industries. It trades about 0.07 of its potential returns per unit of risk. Page Industries Limited is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 4,316,380 in Page Industries Limited on September 1, 2024 and sell it today you would earn a total of 148,110 from holding Page Industries Limited or generate 3.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
State Bank of vs. Page Industries Limited
Performance |
| Timeline |
| State Bank |
| Page Industries |
State Bank and Page Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Bank and Page Industries
The main advantage of trading using opposite State Bank and Page Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Bank 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.| State Bank vs. Allied Blenders Distillers | State Bank vs. HDFC Asset Management | State Bank vs. IDBI Bank Limited | State Bank vs. DCB Bank Limited |
| Page Industries vs. State Bank of | Page Industries vs. Life Insurance | Page Industries vs. HDFC Bank Limited | Page Industries vs. ICICI Bank 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |