Correlation Between Silly Monks and Kohinoor Foods
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By analyzing existing cross correlation between Silly Monks Entertainment and Kohinoor Foods Limited, you can compare the effects of market volatilities on Silly Monks and Kohinoor Foods 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 Silly Monks with a short position of Kohinoor Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Silly Monks and Kohinoor Foods.
Diversification Opportunities for Silly Monks and Kohinoor Foods
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Silly and Kohinoor is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Silly Monks Entertainment and Kohinoor Foods Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kohinoor Foods and Silly Monks 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 Silly Monks Entertainment are associated (or correlated) with Kohinoor Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kohinoor Foods has no effect on the direction of Silly Monks i.e., Silly Monks and Kohinoor Foods go up and down completely randomly.
Pair Corralation between Silly Monks and Kohinoor Foods
Assuming the 90 days trading horizon Silly Monks Entertainment is expected to generate 1.19 times more return on investment than Kohinoor Foods. However, Silly Monks is 1.19 times more volatile than Kohinoor Foods Limited. It trades about -0.03 of its potential returns per unit of risk. Kohinoor Foods Limited is currently generating about -0.23 per unit of risk. If you would invest 2,249 in Silly Monks Entertainment on August 30, 2024 and sell it today you would lose (108.00) from holding Silly Monks Entertainment or give up 4.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Silly Monks Entertainment vs. Kohinoor Foods Limited
Performance |
| Timeline |
| Silly Monks Entertainment |
| Kohinoor Foods |
Silly Monks and Kohinoor Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Silly Monks and Kohinoor Foods
The main advantage of trading using opposite Silly Monks and Kohinoor Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Silly Monks position performs unexpectedly, Kohinoor Foods 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 Kohinoor Foods will offset losses from the drop in Kohinoor Foods' long position.| Silly Monks vs. The Orissa Minerals | Silly Monks vs. DSJ Keep Learning | Silly Monks vs. Malu Paper Mills | Silly Monks vs. Kingfa Science Technology |
| Kohinoor Foods vs. UTI Asset Management | Kohinoor Foods vs. Silly Monks Entertainment | Kohinoor Foods vs. Eros International Media | Kohinoor Foods vs. DJ Mediaprint Logistics |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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