Correlation Between Steelcast and Apex Frozen
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By analyzing existing cross correlation between Steelcast Limited and Apex Frozen Foods, you can compare the effects of market volatilities on Steelcast and Apex Frozen 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 Steelcast with a short position of Apex Frozen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Steelcast and Apex Frozen.
Diversification Opportunities for Steelcast and Apex Frozen
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Steelcast and Apex is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Steelcast Limited and Apex Frozen Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apex Frozen Foods and Steelcast 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 Steelcast Limited are associated (or correlated) with Apex Frozen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apex Frozen Foods has no effect on the direction of Steelcast i.e., Steelcast and Apex Frozen go up and down completely randomly.
Pair Corralation between Steelcast and Apex Frozen
Assuming the 90 days trading horizon Steelcast Limited is expected to generate 1.13 times more return on investment than Apex Frozen. However, Steelcast is 1.13 times more volatile than Apex Frozen Foods. It trades about 0.11 of its potential returns per unit of risk. Apex Frozen Foods is currently generating about -0.07 per unit of risk. If you would invest 64,913 in Steelcast Limited on August 28, 2024 and sell it today you would earn a total of 12,532 from holding Steelcast Limited or generate 19.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Steelcast Limited vs. Apex Frozen Foods
Performance |
| Timeline |
| Steelcast Limited |
| Apex Frozen Foods |
Steelcast and Apex Frozen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Steelcast and Apex Frozen
The main advantage of trading using opposite Steelcast and Apex Frozen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Steelcast position performs unexpectedly, Apex Frozen 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 Apex Frozen will offset losses from the drop in Apex Frozen's long position.| Steelcast vs. Embassy Office Parks | Steelcast vs. Gujarat Narmada Valley | Steelcast vs. Gujarat Alkalies and | Steelcast vs. JTL Industries |
| Apex Frozen vs. SAL Steel Limited | Apex Frozen vs. Tata Steel Limited | Apex Frozen vs. Steelcast Limited | Apex Frozen vs. Neogen Chemicals 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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