Correlation Between Shaily Engineering and CREDITACCESS GRAMEEN
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shaily Engineering Plastics and CREDITACCESS GRAMEEN LIMITED, you can compare the effects of market volatilities on Shaily Engineering and CREDITACCESS GRAMEEN 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 Shaily Engineering with a short position of CREDITACCESS GRAMEEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaily Engineering and CREDITACCESS GRAMEEN.
Diversification Opportunities for Shaily Engineering and CREDITACCESS GRAMEEN
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shaily and CREDITACCESS is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Shaily Engineering Plastics and CREDITACCESS GRAMEEN LIMITED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CREDITACCESS GRAMEEN and Shaily Engineering 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 Shaily Engineering Plastics are associated (or correlated) with CREDITACCESS GRAMEEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CREDITACCESS GRAMEEN has no effect on the direction of Shaily Engineering i.e., Shaily Engineering and CREDITACCESS GRAMEEN go up and down completely randomly.
Pair Corralation between Shaily Engineering and CREDITACCESS GRAMEEN
Assuming the 90 days trading horizon Shaily Engineering Plastics is expected to generate 0.7 times more return on investment than CREDITACCESS GRAMEEN. However, Shaily Engineering Plastics is 1.44 times less risky than CREDITACCESS GRAMEEN. It trades about 0.21 of its potential returns per unit of risk. CREDITACCESS GRAMEEN LIMITED is currently generating about 0.14 per unit of risk. If you would invest 144,900 in Shaily Engineering Plastics on October 12, 2024 and sell it today you would earn a total of 18,170 from holding Shaily Engineering Plastics or generate 12.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shaily Engineering Plastics vs. CREDITACCESS GRAMEEN LIMITED
Performance |
| Timeline |
| Shaily Engineering |
| CREDITACCESS GRAMEEN |
Shaily Engineering and CREDITACCESS GRAMEEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaily Engineering and CREDITACCESS GRAMEEN
The main advantage of trading using opposite Shaily Engineering and CREDITACCESS GRAMEEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaily Engineering position performs unexpectedly, CREDITACCESS GRAMEEN 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 CREDITACCESS GRAMEEN will offset losses from the drop in CREDITACCESS GRAMEEN's long position.| Shaily Engineering vs. Rajnandini Metal Limited | Shaily Engineering vs. Computer Age Management | Shaily Engineering vs. Total Transport Systems | Shaily Engineering vs. Radiant Cash Management |
| CREDITACCESS GRAMEEN vs. SBI Life Insurance | CREDITACCESS GRAMEEN vs. Shaily Engineering Plastics | CREDITACCESS GRAMEEN vs. Sakar Healthcare Limited | CREDITACCESS GRAMEEN vs. Varun Beverages 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |