Correlation Between State Bank and Poly Medicure
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By analyzing existing cross correlation between State Bank of and Poly Medicure Limited, you can compare the effects of market volatilities on State Bank and Poly Medicure 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 Poly Medicure. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Bank and Poly Medicure.
Diversification Opportunities for State Bank and Poly Medicure
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between State and Poly is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding State Bank of and Poly Medicure Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Medicure Limited 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 Poly Medicure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Medicure Limited has no effect on the direction of State Bank i.e., State Bank and Poly Medicure go up and down completely randomly.
Pair Corralation between State Bank and Poly Medicure
Assuming the 90 days trading horizon State Bank of is expected to generate 0.54 times more return on investment than Poly Medicure. However, State Bank of is 1.84 times less risky than Poly Medicure. It trades about 0.11 of its potential returns per unit of risk. Poly Medicure Limited is currently generating about 0.05 per unit of risk. If you would invest 78,095 in State Bank of on August 26, 2024 and sell it today you would earn a total of 3,510 from holding State Bank of or generate 4.49% 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. Poly Medicure Limited
Performance |
| Timeline |
| State Bank |
| Poly Medicure Limited |
State Bank and Poly Medicure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Bank and Poly Medicure
The main advantage of trading using opposite State Bank and Poly Medicure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Bank position performs unexpectedly, Poly Medicure 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 Poly Medicure will offset losses from the drop in Poly Medicure's long position.| State Bank vs. Le Travenues Technology | State Bank vs. Kaynes Technology India | State Bank vs. FCS Software Solutions | State Bank vs. UTI Asset Management |
| Poly Medicure vs. Yatharth Hospital Trauma | Poly Medicure vs. Fortis Healthcare Limited | Poly Medicure vs. Max Healthcare Institute | Poly Medicure vs. Ravi Kumar Distilleries |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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