Correlation Between Styrenix Performance and Can Fin
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By analyzing existing cross correlation between Styrenix Performance Materials and Can Fin Homes, you can compare the effects of market volatilities on Styrenix Performance and Can Fin 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 Styrenix Performance with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Styrenix Performance and Can Fin.
Diversification Opportunities for Styrenix Performance and Can Fin
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Styrenix and Can is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Styrenix Performance Materials and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and Styrenix Performance 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 Styrenix Performance Materials are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of Styrenix Performance i.e., Styrenix Performance and Can Fin go up and down completely randomly.
Pair Corralation between Styrenix Performance and Can Fin
Assuming the 90 days trading horizon Styrenix Performance Materials is expected to generate 0.87 times more return on investment than Can Fin. However, Styrenix Performance Materials is 1.15 times less risky than Can Fin. It trades about 0.12 of its potential returns per unit of risk. Can Fin Homes is currently generating about -0.44 per unit of risk. If you would invest 282,583 in Styrenix Performance Materials on October 9, 2024 and sell it today you would earn a total of 9,057 from holding Styrenix Performance Materials or generate 3.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Styrenix Performance Materials vs. Can Fin Homes
Performance |
| Timeline |
| Styrenix Performance |
| Can Fin Homes |
Styrenix Performance and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Styrenix Performance and Can Fin
The main advantage of trading using opposite Styrenix Performance and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Styrenix Performance position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.| Styrenix Performance vs. Zota Health Care | Styrenix Performance vs. R S Software | Styrenix Performance vs. Embassy Office Parks | Styrenix Performance vs. The Byke Hospitality |
| Can Fin vs. Reliance Industries Limited | Can Fin vs. HDFC Bank Limited | Can Fin vs. Tata Consultancy Services | Can Fin vs. Bharti Airtel 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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