Correlation Between UTI Asset and SBI Cards
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By analyzing existing cross correlation between UTI Asset Management and SBI Cards and, you can compare the effects of market volatilities on UTI Asset and SBI Cards 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 UTI Asset with a short position of SBI Cards. Check out your portfolio center. Please also check ongoing floating volatility patterns of UTI Asset and SBI Cards.
Diversification Opportunities for UTI Asset and SBI Cards
Good diversification
The 3 months correlation between UTI and SBI is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding UTI Asset Management and SBI Cards and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SBI Cards and UTI Asset 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 UTI Asset Management are associated (or correlated) with SBI Cards. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SBI Cards has no effect on the direction of UTI Asset i.e., UTI Asset and SBI Cards go up and down completely randomly.
Pair Corralation between UTI Asset and SBI Cards
Assuming the 90 days trading horizon UTI Asset Management is expected to under-perform the SBI Cards. In addition to that, UTI Asset is 2.13 times more volatile than SBI Cards and. It trades about -0.03 of its total potential returns per unit of risk. SBI Cards and is currently generating about 0.11 per unit of volatility. If you would invest 68,845 in SBI Cards and on September 4, 2024 and sell it today you would earn a total of 1,460 from holding SBI Cards and or generate 2.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
UTI Asset Management vs. SBI Cards and
Performance |
| Timeline |
| UTI Asset Management |
| SBI Cards |
UTI Asset and SBI Cards Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UTI Asset and SBI Cards
The main advantage of trading using opposite UTI Asset and SBI Cards positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UTI Asset position performs unexpectedly, SBI Cards 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 SBI Cards will offset losses from the drop in SBI Cards' long position.| UTI Asset vs. MRF Limited | UTI Asset vs. JSW Holdings Limited | UTI Asset vs. Maharashtra Scooters Limited | UTI Asset vs. Pilani Investment and |
| SBI Cards vs. Teamlease Services Limited | SBI Cards vs. UTI Asset Management | SBI Cards vs. Welspun Investments and | SBI Cards vs. Avonmore Capital Management |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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