Correlation Between Whirlpool and Styrenix Performance
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By analyzing existing cross correlation between Whirlpool of India and Styrenix Performance Materials, you can compare the effects of market volatilities on Whirlpool and Styrenix Performance 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 Whirlpool with a short position of Styrenix Performance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Whirlpool and Styrenix Performance.
Diversification Opportunities for Whirlpool and Styrenix Performance
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Whirlpool and Styrenix is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Whirlpool of India and Styrenix Performance Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Styrenix Performance and Whirlpool 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 Whirlpool of India are associated (or correlated) with Styrenix Performance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Styrenix Performance has no effect on the direction of Whirlpool i.e., Whirlpool and Styrenix Performance go up and down completely randomly.
Pair Corralation between Whirlpool and Styrenix Performance
Assuming the 90 days trading horizon Whirlpool of India is expected to under-perform the Styrenix Performance. In addition to that, Whirlpool is 1.68 times more volatile than Styrenix Performance Materials. It trades about -0.1 of its total potential returns per unit of risk. Styrenix Performance Materials is currently generating about 0.06 per unit of volatility. If you would invest 247,015 in Styrenix Performance Materials on September 5, 2024 and sell it today you would earn a total of 4,335 from holding Styrenix Performance Materials or generate 1.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Whirlpool of India vs. Styrenix Performance Materials
Performance |
| Timeline |
| Whirlpool of India |
| Styrenix Performance |
Whirlpool and Styrenix Performance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Whirlpool and Styrenix Performance
The main advantage of trading using opposite Whirlpool and Styrenix Performance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Whirlpool position performs unexpectedly, Styrenix Performance 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 Styrenix Performance will offset losses from the drop in Styrenix Performance's long position.| Whirlpool vs. Styrenix Performance Materials | Whirlpool vs. LLOYDS METALS AND | Whirlpool vs. Shyam Metalics and | Whirlpool vs. JGCHEMICALS 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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