Correlation Between STEEL EXCHANGE and AGI Greenpac
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By analyzing existing cross correlation between STEEL EXCHANGE INDIA and AGI Greenpac Limited, you can compare the effects of market volatilities on STEEL EXCHANGE 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 STEEL EXCHANGE with a short position of AGI Greenpac. Check out your portfolio center. Please also check ongoing floating volatility patterns of STEEL EXCHANGE and AGI Greenpac.
Diversification Opportunities for STEEL EXCHANGE and AGI Greenpac
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between STEEL and AGI is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding STEEL EXCHANGE INDIA 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 STEEL EXCHANGE 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 STEEL EXCHANGE INDIA 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 STEEL EXCHANGE i.e., STEEL EXCHANGE and AGI Greenpac go up and down completely randomly.
Pair Corralation between STEEL EXCHANGE and AGI Greenpac
Assuming the 90 days trading horizon STEEL EXCHANGE INDIA is expected to generate 0.86 times more return on investment than AGI Greenpac. However, STEEL EXCHANGE INDIA is 1.17 times less risky than AGI Greenpac. It trades about -0.09 of its potential returns per unit of risk. AGI Greenpac Limited is currently generating about -0.22 per unit of risk. If you would invest 1,055 in STEEL EXCHANGE INDIA on October 25, 2024 and sell it today you would lose (63.00) from holding STEEL EXCHANGE INDIA or give up 5.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
STEEL EXCHANGE INDIA vs. AGI Greenpac Limited
Performance |
| Timeline |
| STEEL EXCHANGE INDIA |
| AGI Greenpac Limited |
STEEL EXCHANGE and AGI Greenpac Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STEEL EXCHANGE and AGI Greenpac
The main advantage of trading using opposite STEEL EXCHANGE and AGI Greenpac positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STEEL EXCHANGE 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.| STEEL EXCHANGE vs. NMDC Limited | STEEL EXCHANGE vs. Steel Authority of | STEEL EXCHANGE vs. Embassy Office Parks | STEEL EXCHANGE vs. Jai Balaji Industries |
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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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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