Correlation Between Selan Exploration and NIFTY SUMER
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By analyzing existing cross correlation between Selan Exploration Technology and NIFTY SUMER DURABLES, you can compare the effects of market volatilities on Selan Exploration and NIFTY SUMER 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 NIFTY SUMER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Selan Exploration and NIFTY SUMER.
Diversification Opportunities for Selan Exploration and NIFTY SUMER
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Selan and NIFTY is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Selan Exploration Technology and NIFTY SUMER DURABLES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NIFTY SUMER DURABLES 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 NIFTY SUMER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIFTY SUMER DURABLES has no effect on the direction of Selan Exploration i.e., Selan Exploration and NIFTY SUMER go up and down completely randomly.
Pair Corralation between Selan Exploration and NIFTY SUMER
Assuming the 90 days trading horizon Selan Exploration is expected to generate 2.5 times less return on investment than NIFTY SUMER. In addition to that, Selan Exploration is 3.26 times more volatile than NIFTY SUMER DURABLES. It trades about 0.07 of its total potential returns per unit of risk. NIFTY SUMER DURABLES is currently generating about 0.54 per unit of volatility. If you would invest 3,911,030 in NIFTY SUMER DURABLES on September 13, 2024 and sell it today you would earn a total of 363,260 from holding NIFTY SUMER DURABLES or generate 9.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Selan Exploration Technology vs. NIFTY SUMER DURABLES
Performance |
| Timeline |
Selan Exploration and NIFTY SUMER Volatility Contrast
Predicted Return Density |
| Returns |
Selan Exploration Technology
Pair trading matchups for Selan Exploration
NIFTY SUMER DURABLES
Pair trading matchups for NIFTY SUMER
Pair Trading with Selan Exploration and NIFTY SUMER
The main advantage of trading using opposite Selan Exploration and NIFTY SUMER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Selan Exploration position performs unexpectedly, NIFTY SUMER 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 NIFTY SUMER will offset losses from the drop in NIFTY SUMER's long position.| Selan Exploration vs. Digjam Limited | Selan Exploration vs. Gujarat Raffia Industries | Selan Exploration vs. State Bank of | Selan Exploration vs. Zomato Limited |
| NIFTY SUMER vs. Data Patterns Limited | NIFTY SUMER vs. Baazar Style Retail | NIFTY SUMER vs. Melstar Information Technologies | NIFTY SUMER vs. Cartrade Tech 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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