Correlation Between Selan Exploration and DiGiSPICE Technologies
Specify exactly 2 symbols:
By analyzing existing cross correlation between Selan Exploration Technology and DiGiSPICE Technologies Limited, you can compare the effects of market volatilities on Selan Exploration and DiGiSPICE Technologies 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 Selan Exploration with a short position of DiGiSPICE Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Selan Exploration and DiGiSPICE Technologies.
Diversification Opportunities for Selan Exploration and DiGiSPICE Technologies
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Selan and DiGiSPICE is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Selan Exploration Technology and DiGiSPICE Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DiGiSPICE Technologies and Selan Exploration 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 Selan Exploration Technology are associated (or correlated) with DiGiSPICE Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DiGiSPICE Technologies has no effect on the direction of Selan Exploration i.e., Selan Exploration and DiGiSPICE Technologies go up and down completely randomly.
Pair Corralation between Selan Exploration and DiGiSPICE Technologies
Assuming the 90 days trading horizon Selan Exploration Technology is expected to generate 1.4 times more return on investment than DiGiSPICE Technologies. However, Selan Exploration is 1.4 times more volatile than DiGiSPICE Technologies Limited. It trades about -0.01 of its potential returns per unit of risk. DiGiSPICE Technologies Limited is currently generating about -0.1 per unit of risk. If you would invest 89,740 in Selan Exploration Technology on September 2, 2024 and sell it today you would lose (1,480) from holding Selan Exploration Technology or give up 1.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Selan Exploration Technology vs. DiGiSPICE Technologies Limited
Performance |
| Timeline |
| Selan Exploration |
| DiGiSPICE Technologies |
Selan Exploration and DiGiSPICE Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Selan Exploration and DiGiSPICE Technologies
The main advantage of trading using opposite Selan Exploration and DiGiSPICE Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Selan Exploration position performs unexpectedly, DiGiSPICE Technologies 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 DiGiSPICE Technologies will offset losses from the drop in DiGiSPICE Technologies' long position.| Selan Exploration vs. Digjam Limited | Selan Exploration vs. Gujarat Raffia Industries | Selan Exploration vs. Kingfa Science Technology | Selan Exploration vs. Rico Auto Industries |
| DiGiSPICE Technologies vs. Datamatics Global Services | DiGiSPICE Technologies vs. Kewal Kiran Clothing | DiGiSPICE Technologies vs. G Tec Jainx Education | DiGiSPICE Technologies vs. Sportking India 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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |