Correlation Between Styrenix Performance and State Bank
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By analyzing existing cross correlation between Styrenix Performance Materials and State Bank of, you can compare the effects of market volatilities on Styrenix Performance and State Bank 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 State Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Styrenix Performance and State Bank.
Diversification Opportunities for Styrenix Performance and State Bank
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Styrenix and State is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Styrenix Performance Materials and State Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Bank 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 State Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Bank has no effect on the direction of Styrenix Performance i.e., Styrenix Performance and State Bank go up and down completely randomly.
Pair Corralation between Styrenix Performance and State Bank
Assuming the 90 days trading horizon Styrenix Performance Materials is expected to generate 1.62 times more return on investment than State Bank. However, Styrenix Performance is 1.62 times more volatile than State Bank of. It trades about 0.14 of its potential returns per unit of risk. State Bank of is currently generating about 0.07 per unit of risk. If you would invest 79,216 in Styrenix Performance Materials on September 19, 2024 and sell it today you would earn a total of 217,404 from holding Styrenix Performance Materials or generate 274.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.48% |
| Values | Daily Returns |
Styrenix Performance Materials vs. State Bank of
Performance |
| Timeline |
| Styrenix Performance |
| State Bank |
Styrenix Performance and State Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Styrenix Performance and State Bank
The main advantage of trading using opposite Styrenix Performance and State Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Styrenix Performance position performs unexpectedly, State Bank 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 State Bank will offset losses from the drop in State Bank's long position.| Styrenix Performance vs. NMDC Limited | Styrenix Performance vs. Steel Authority of | Styrenix Performance vs. Embassy Office Parks | Styrenix Performance vs. Gujarat Narmada Valley |
| State Bank vs. Metalyst Forgings Limited | State Bank vs. Styrenix Performance Materials | State Bank vs. Shyam Metalics and | State Bank vs. Navneet Education 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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