Correlation Between State Bank and Praxis Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between State Bank of and Praxis Home Retail, you can compare the effects of market volatilities on State Bank and Praxis Home 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 Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Bank and Praxis Home.
Diversification Opportunities for State Bank and Praxis Home
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between State and Praxis is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding State Bank of and Praxis Home Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Praxis Home Retail 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 Praxis Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Praxis Home Retail has no effect on the direction of State Bank i.e., State Bank and Praxis Home go up and down completely randomly.
Pair Corralation between State Bank and Praxis Home
Assuming the 90 days trading horizon State Bank of is expected to generate 0.47 times more return on investment than Praxis Home. However, State Bank of is 2.15 times less risky than Praxis Home. It trades about 0.05 of its potential returns per unit of risk. Praxis Home Retail is currently generating about 0.0 per unit of risk. If you would invest 59,496 in State Bank of on August 25, 2024 and sell it today you would earn a total of 22,109 from holding State Bank of or generate 37.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.59% |
| Values | Daily Returns |
State Bank of vs. Praxis Home Retail
Performance |
| Timeline |
| State Bank |
| Praxis Home Retail |
State Bank and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Bank and Praxis Home
The main advantage of trading using opposite State Bank and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Bank position performs unexpectedly, Praxis Home 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 Praxis Home will offset losses from the drop in Praxis Home'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 |
| Praxis Home vs. Kaushalya Infrastructure Development | Praxis Home vs. MMTC Limited | Praxis Home vs. Kingfa Science Technology | Praxis Home vs. Rico Auto Industries |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |