Correlation Between Senkadagala Finance and Carson Cumberbatch
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By analyzing existing cross correlation between Senkadagala Finance PLC and Carson Cumberbatch PLC, you can compare the effects of market volatilities on Senkadagala Finance and Carson Cumberbatch 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 Senkadagala Finance with a short position of Carson Cumberbatch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senkadagala Finance and Carson Cumberbatch.
Diversification Opportunities for Senkadagala Finance and Carson Cumberbatch
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Senkadagala and Carson is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Senkadagala Finance PLC and Carson Cumberbatch PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carson Cumberbatch PLC and Senkadagala Finance 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 Senkadagala Finance PLC are associated (or correlated) with Carson Cumberbatch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carson Cumberbatch PLC has no effect on the direction of Senkadagala Finance i.e., Senkadagala Finance and Carson Cumberbatch go up and down completely randomly.
Pair Corralation between Senkadagala Finance and Carson Cumberbatch
Assuming the 90 days trading horizon Senkadagala Finance PLC is expected to under-perform the Carson Cumberbatch. In addition to that, Senkadagala Finance is 1.49 times more volatile than Carson Cumberbatch PLC. It trades about -0.05 of its total potential returns per unit of risk. Carson Cumberbatch PLC is currently generating about 0.1 per unit of volatility. If you would invest 28,000 in Carson Cumberbatch PLC on August 31, 2024 and sell it today you would earn a total of 5,400 from holding Carson Cumberbatch PLC or generate 19.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 49.0% |
| Values | Daily Returns |
Senkadagala Finance PLC vs. Carson Cumberbatch PLC
Performance |
| Timeline |
| Senkadagala Finance PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Carson Cumberbatch PLC |
Senkadagala Finance and Carson Cumberbatch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Senkadagala Finance and Carson Cumberbatch
The main advantage of trading using opposite Senkadagala Finance and Carson Cumberbatch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senkadagala Finance position performs unexpectedly, Carson Cumberbatch 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 Carson Cumberbatch will offset losses from the drop in Carson Cumberbatch's long position.| Senkadagala Finance vs. HNB Finance | Senkadagala Finance vs. Prime Lands Residencies | Senkadagala Finance vs. Jat Holdings PLC | Senkadagala Finance vs. E M L |
| Carson Cumberbatch vs. Lion Brewery Ceylon | Carson Cumberbatch vs. Lanka Milk Foods | Carson Cumberbatch vs. Arpico Insurance | Carson Cumberbatch vs. DFCC Bank PLC |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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