Correlation Between UFO Moviez and Jubilant Foodworks
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By analyzing existing cross correlation between UFO Moviez India and Jubilant Foodworks Limited, you can compare the effects of market volatilities on UFO Moviez and Jubilant Foodworks 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 UFO Moviez with a short position of Jubilant Foodworks. Check out your portfolio center. Please also check ongoing floating volatility patterns of UFO Moviez and Jubilant Foodworks.
Diversification Opportunities for UFO Moviez and Jubilant Foodworks
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between UFO and Jubilant is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding UFO Moviez India and Jubilant Foodworks Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jubilant Foodworks and UFO Moviez 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 UFO Moviez India are associated (or correlated) with Jubilant Foodworks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jubilant Foodworks has no effect on the direction of UFO Moviez i.e., UFO Moviez and Jubilant Foodworks go up and down completely randomly.
Pair Corralation between UFO Moviez and Jubilant Foodworks
Assuming the 90 days trading horizon UFO Moviez India is expected to under-perform the Jubilant Foodworks. But the stock apears to be less risky and, when comparing its historical volatility, UFO Moviez India is 1.43 times less risky than Jubilant Foodworks. The stock trades about -0.13 of its potential returns per unit of risk. The Jubilant Foodworks Limited is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 57,600 in Jubilant Foodworks Limited on September 1, 2024 and sell it today you would earn a total of 6,855 from holding Jubilant Foodworks Limited or generate 11.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
UFO Moviez India vs. Jubilant Foodworks Limited
Performance |
| Timeline |
| UFO Moviez India |
| Jubilant Foodworks |
UFO Moviez and Jubilant Foodworks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UFO Moviez and Jubilant Foodworks
The main advantage of trading using opposite UFO Moviez and Jubilant Foodworks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UFO Moviez position performs unexpectedly, Jubilant Foodworks 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 Jubilant Foodworks will offset losses from the drop in Jubilant Foodworks' long position.| UFO Moviez vs. One 97 Communications | UFO Moviez vs. Shyam Telecom Limited | UFO Moviez vs. Palred Technologies Limited | UFO Moviez vs. Tata Communications Limited |
| Jubilant Foodworks vs. Reliance Industries Limited | Jubilant Foodworks vs. State Bank of | Jubilant Foodworks vs. HDFC Bank Limited | Jubilant Foodworks vs. Oil Natural Gas |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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