Correlation Between Yatra Online and Can Fin
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By analyzing existing cross correlation between Yatra Online Limited and Can Fin Homes, you can compare the effects of market volatilities on Yatra Online and Can Fin 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 Yatra Online with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yatra Online and Can Fin.
Diversification Opportunities for Yatra Online and Can Fin
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yatra and Can is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Yatra Online Limited and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and Yatra Online 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 Yatra Online Limited are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of Yatra Online i.e., Yatra Online and Can Fin go up and down completely randomly.
Pair Corralation between Yatra Online and Can Fin
Assuming the 90 days trading horizon Yatra Online Limited is expected to under-perform the Can Fin. In addition to that, Yatra Online is 1.12 times more volatile than Can Fin Homes. It trades about -0.03 of its total potential returns per unit of risk. Can Fin Homes is currently generating about 0.02 per unit of volatility. If you would invest 77,046 in Can Fin Homes on September 12, 2024 and sell it today you would earn a total of 4,949 from holding Can Fin Homes or generate 6.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.59% |
| Values | Daily Returns |
Yatra Online Limited vs. Can Fin Homes
Performance |
| Timeline |
| Yatra Online Limited |
| Can Fin Homes |
Yatra Online and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yatra Online and Can Fin
The main advantage of trading using opposite Yatra Online and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yatra Online position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.| Yatra Online vs. Hemisphere Properties India | Yatra Online vs. Indo Borax Chemicals | Yatra Online vs. Kingfa Science Technology | Yatra Online vs. Alkali Metals Limited |
| Can Fin vs. Yes Bank Limited | Can Fin vs. Indian Oil | Can Fin vs. Indo Borax Chemicals | Can Fin vs. Kingfa Science 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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