Correlation Between Silgo Retail and Global Health
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By analyzing existing cross correlation between Silgo Retail Limited and Global Health Limited, you can compare the effects of market volatilities on Silgo Retail and Global Health 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 Silgo Retail with a short position of Global Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Silgo Retail and Global Health.
Diversification Opportunities for Silgo Retail and Global Health
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Silgo and Global is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Silgo Retail Limited and Global Health Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Health Limited and Silgo Retail 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 Silgo Retail Limited are associated (or correlated) with Global Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Health Limited has no effect on the direction of Silgo Retail i.e., Silgo Retail and Global Health go up and down completely randomly.
Pair Corralation between Silgo Retail and Global Health
Assuming the 90 days trading horizon Silgo Retail Limited is expected to generate 1.87 times more return on investment than Global Health. However, Silgo Retail is 1.87 times more volatile than Global Health Limited. It trades about 0.05 of its potential returns per unit of risk. Global Health Limited is currently generating about 0.06 per unit of risk. If you would invest 2,360 in Silgo Retail Limited on October 16, 2024 and sell it today you would earn a total of 1,056 from holding Silgo Retail Limited or generate 44.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.42% |
| Values | Daily Returns |
Silgo Retail Limited vs. Global Health Limited
Performance |
| Timeline |
| Silgo Retail Limited |
| Global Health Limited |
Silgo Retail and Global Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Silgo Retail and Global Health
The main advantage of trading using opposite Silgo Retail and Global Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Silgo Retail position performs unexpectedly, Global Health 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 Global Health will offset losses from the drop in Global Health's long position.| Silgo Retail vs. Hindustan Copper Limited | Silgo Retail vs. Electronics Mart India | Silgo Retail vs. Salzer Electronics Limited | Silgo Retail vs. Cantabil Retail India |
| Global Health vs. Syrma SGS Technology | Global Health vs. EMBASSY OFFICE PARKS | Global Health vs. Silgo Retail Limited | Global Health vs. Sonata Software 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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