Correlation Between Syrma SGS and State Trading
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By analyzing existing cross correlation between Syrma SGS Technology and The State Trading, you can compare the effects of market volatilities on Syrma SGS and State Trading 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 Syrma SGS with a short position of State Trading. Check out your portfolio center. Please also check ongoing floating volatility patterns of Syrma SGS and State Trading.
Diversification Opportunities for Syrma SGS and State Trading
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Syrma and State is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Syrma SGS Technology and The State Trading in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Trading and Syrma SGS 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 Syrma SGS Technology are associated (or correlated) with State Trading. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Trading has no effect on the direction of Syrma SGS i.e., Syrma SGS and State Trading go up and down completely randomly.
Pair Corralation between Syrma SGS and State Trading
Assuming the 90 days trading horizon Syrma SGS Technology is expected to generate 0.92 times more return on investment than State Trading. However, Syrma SGS Technology is 1.08 times less risky than State Trading. It trades about 0.11 of its potential returns per unit of risk. The State Trading is currently generating about -0.08 per unit of risk. If you would invest 57,865 in Syrma SGS Technology on October 11, 2024 and sell it today you would earn a total of 3,150 from holding Syrma SGS Technology or generate 5.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Syrma SGS Technology vs. The State Trading
Performance |
| Timeline |
| Syrma SGS Technology |
| State Trading |
Syrma SGS and State Trading Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Syrma SGS and State Trading
The main advantage of trading using opposite Syrma SGS and State Trading positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Syrma SGS position performs unexpectedly, State Trading 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 Trading will offset losses from the drop in State Trading's long position.| Syrma SGS vs. Ankit Metal Power | Syrma SGS vs. LLOYDS METALS AND | Syrma SGS vs. Manaksia Coated Metals | Syrma SGS vs. Agarwal Industrial |
| State Trading vs. Syrma SGS Technology | State Trading vs. Tera Software Limited | State Trading vs. Shree Pushkar Chemicals | State Trading vs. Dev Information Technology |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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