Correlation Between S P and Silly Monks
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By analyzing existing cross correlation between S P Apparels and Silly Monks Entertainment, you can compare the effects of market volatilities on S P and Silly Monks 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 S P with a short position of Silly Monks. Check out your portfolio center. Please also check ongoing floating volatility patterns of S P and Silly Monks.
Diversification Opportunities for S P and Silly Monks
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SPAL and Silly is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding S P Apparels and Silly Monks Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silly Monks Entertainment and S P 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 S P Apparels are associated (or correlated) with Silly Monks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silly Monks Entertainment has no effect on the direction of S P i.e., S P and Silly Monks go up and down completely randomly.
Pair Corralation between S P and Silly Monks
Assuming the 90 days trading horizon S P Apparels is expected to generate 0.74 times more return on investment than Silly Monks. However, S P Apparels is 1.35 times less risky than Silly Monks. It trades about 0.1 of its potential returns per unit of risk. Silly Monks Entertainment is currently generating about -0.01 per unit of risk. If you would invest 68,845 in S P Apparels on January 23, 2025 and sell it today you would earn a total of 4,590 from holding S P Apparels or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
S P Apparels vs. Silly Monks Entertainment
Performance |
| Timeline |
| S P Apparels |
| Silly Monks Entertainment |
S P and Silly Monks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with S P and Silly Monks
The main advantage of trading using opposite S P and Silly Monks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if S P position performs unexpectedly, Silly Monks 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 Silly Monks will offset losses from the drop in Silly Monks' long position.| S P vs. MIRC Electronics Limited | S P vs. Sportking India Limited | S P vs. LLOYDS METALS AND | S P vs. Indian Metals Ferro |
| Silly Monks vs. Paramount Communications Limited | Silly Monks vs. Hexaware Technologies Limited | Silly Monks vs. AXISCADES Technologies Limited | Silly Monks vs. Mtar Technologies 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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