Correlation Between SIL Investments and AGI Greenpac
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By analyzing existing cross correlation between SIL Investments Limited and AGI Greenpac Limited, you can compare the effects of market volatilities on SIL Investments and AGI Greenpac 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 SIL Investments with a short position of AGI Greenpac. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIL Investments and AGI Greenpac.
Diversification Opportunities for SIL Investments and AGI Greenpac
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SIL and AGI is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding SIL Investments Limited and AGI Greenpac Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGI Greenpac Limited and SIL Investments 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 SIL Investments Limited are associated (or correlated) with AGI Greenpac. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGI Greenpac Limited has no effect on the direction of SIL Investments i.e., SIL Investments and AGI Greenpac go up and down completely randomly.
Pair Corralation between SIL Investments and AGI Greenpac
Assuming the 90 days trading horizon SIL Investments Limited is expected to under-perform the AGI Greenpac. But the stock apears to be less risky and, when comparing its historical volatility, SIL Investments Limited is 1.63 times less risky than AGI Greenpac. The stock trades about -0.02 of its potential returns per unit of risk. The AGI Greenpac Limited is currently generating about 0.35 of returns per unit of risk over similar time horizon. If you would invest 95,475 in AGI Greenpac Limited on September 12, 2024 and sell it today you would earn a total of 26,895 from holding AGI Greenpac Limited or generate 28.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
SIL Investments Limited vs. AGI Greenpac Limited
Performance |
| Timeline |
| SIL Investments |
| AGI Greenpac Limited |
SIL Investments and AGI Greenpac Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIL Investments and AGI Greenpac
The main advantage of trading using opposite SIL Investments and AGI Greenpac positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIL Investments position performs unexpectedly, AGI Greenpac 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 AGI Greenpac will offset losses from the drop in AGI Greenpac's long position.| SIL Investments vs. Yes Bank Limited | SIL Investments vs. Indian Oil | SIL Investments vs. Indo Borax Chemicals | SIL Investments vs. Kingfa Science Technology |
| AGI Greenpac vs. Steel Authority of | AGI Greenpac vs. Embassy Office Parks | AGI Greenpac vs. Indian Metals Ferro | AGI Greenpac vs. JTL Industries |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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