Correlation Between Sukhjit Starch and TTK Healthcare
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By analyzing existing cross correlation between Sukhjit Starch Chemicals and TTK Healthcare Limited, you can compare the effects of market volatilities on Sukhjit Starch and TTK 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 Sukhjit Starch with a short position of TTK Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sukhjit Starch and TTK Healthcare.
Diversification Opportunities for Sukhjit Starch and TTK Healthcare
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sukhjit and TTK is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Sukhjit Starch Chemicals and TTK Healthcare Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TTK Healthcare and Sukhjit Starch 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 Sukhjit Starch Chemicals are associated (or correlated) with TTK Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TTK Healthcare has no effect on the direction of Sukhjit Starch i.e., Sukhjit Starch and TTK Healthcare go up and down completely randomly.
Pair Corralation between Sukhjit Starch and TTK Healthcare
Assuming the 90 days trading horizon Sukhjit Starch Chemicals is expected to generate 4.98 times more return on investment than TTK Healthcare. However, Sukhjit Starch is 4.98 times more volatile than TTK Healthcare Limited. It trades about 0.04 of its potential returns per unit of risk. TTK Healthcare Limited is currently generating about 0.05 per unit of risk. If you would invest 21,687 in Sukhjit Starch Chemicals on September 4, 2024 and sell it today you would earn a total of 5,513 from holding Sukhjit Starch Chemicals or generate 25.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Sukhjit Starch Chemicals vs. TTK Healthcare Limited
Performance |
| Timeline |
| Sukhjit Starch Chemicals |
| TTK Healthcare |
Sukhjit Starch and TTK Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sukhjit Starch and TTK Healthcare
The main advantage of trading using opposite Sukhjit Starch and TTK Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sukhjit Starch position performs unexpectedly, TTK 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 TTK Healthcare will offset losses from the drop in TTK Healthcare's long position.| Sukhjit Starch vs. NMDC Limited | Sukhjit Starch vs. Steel Authority of | Sukhjit Starch vs. Embassy Office Parks | Sukhjit Starch vs. Gujarat Narmada Valley |
| TTK Healthcare vs. Sukhjit Starch Chemicals | TTK Healthcare vs. Himadri Speciality Chemical | TTK Healthcare vs. Lotus Eye Hospital | TTK Healthcare vs. Can Fin Homes |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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