Correlation Between Baazar Style and GPT Healthcare
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By analyzing existing cross correlation between Baazar Style Retail and GPT Healthcare, you can compare the effects of market volatilities on Baazar Style and GPT Healthcare 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 Baazar Style with a short position of GPT Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baazar Style and GPT Healthcare.
Diversification Opportunities for Baazar Style and GPT Healthcare
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Baazar and GPT is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Baazar Style Retail and GPT Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GPT Healthcare and Baazar Style 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 Baazar Style Retail are associated (or correlated) with GPT Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GPT Healthcare has no effect on the direction of Baazar Style i.e., Baazar Style and GPT Healthcare go up and down completely randomly.
Pair Corralation between Baazar Style and GPT Healthcare
Assuming the 90 days trading horizon Baazar Style Retail is expected to under-perform the GPT Healthcare. In addition to that, Baazar Style is 1.19 times more volatile than GPT Healthcare. It trades about -0.06 of its total potential returns per unit of risk. GPT Healthcare is currently generating about 0.0 per unit of volatility. If you would invest 19,672 in GPT Healthcare on September 3, 2024 and sell it today you would lose (1,781) from holding GPT Healthcare or give up 9.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 31.91% |
| Values | Daily Returns |
Baazar Style Retail vs. GPT Healthcare
Performance |
| Timeline |
| Baazar Style Retail |
| GPT Healthcare |
Baazar Style and GPT Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baazar Style and GPT Healthcare
The main advantage of trading using opposite Baazar Style and GPT Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baazar Style position performs unexpectedly, GPT Healthcare 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 GPT Healthcare will offset losses from the drop in GPT Healthcare's long position.| Baazar Style vs. V2 Retail Limited | Baazar Style vs. Credo Brands Marketing | Baazar Style vs. Shipping | Baazar Style vs. Indo Borax Chemicals |
| GPT Healthcare vs. Baazar Style Retail | GPT Healthcare vs. Computer Age Management | GPT Healthcare vs. VIP Clothing Limited | GPT Healthcare vs. FCS Software Solutions |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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