Correlation Between Yes Bank and Can Fin
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By analyzing existing cross correlation between Yes Bank Limited and Can Fin Homes, you can compare the effects of market volatilities on Yes Bank 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 Yes Bank with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Bank and Can Fin.
Diversification Opportunities for Yes Bank and Can Fin
Very weak diversification
The 3 months correlation between Yes and Can is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Yes Bank 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 Yes Bank 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 Yes Bank 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 Yes Bank i.e., Yes Bank and Can Fin go up and down completely randomly.
Pair Corralation between Yes Bank and Can Fin
Assuming the 90 days trading horizon Yes Bank Limited is expected to generate 0.98 times more return on investment than Can Fin. However, Yes Bank Limited is 1.03 times less risky than Can Fin. It trades about -0.06 of its potential returns per unit of risk. Can Fin Homes is currently generating about -0.08 per unit of risk. If you would invest 2,343 in Yes Bank Limited on September 12, 2024 and sell it today you would lose (185.00) from holding Yes Bank Limited or give up 7.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
Yes Bank Limited vs. Can Fin Homes
Performance |
| Timeline |
| Yes Bank Limited |
| Can Fin Homes |
Yes Bank and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yes Bank and Can Fin
The main advantage of trading using opposite Yes Bank and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Bank 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.| Yes Bank vs. Reliance Industries Limited | Yes Bank vs. State Bank of | Yes Bank vs. Oil Natural Gas | Yes Bank vs. ICICI Bank Limited |
| Can Fin vs. Network18 Media Investments | Can Fin vs. Touchwood Entertainment Limited | Can Fin vs. Hindustan Media Ventures | Can Fin vs. Garuda Construction Engineering |
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 Stocks Directory module to find actively traded stocks across global markets.
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