Correlation Between Yes Bank and Kaynes Technology
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By analyzing existing cross correlation between Yes Bank Limited and Kaynes Technology India, you can compare the effects of market volatilities on Yes Bank and Kaynes Technology 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 Kaynes Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Bank and Kaynes Technology.
Diversification Opportunities for Yes Bank and Kaynes Technology
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Yes and Kaynes is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Yes Bank Limited and Kaynes Technology India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kaynes Technology India 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 Kaynes Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kaynes Technology India has no effect on the direction of Yes Bank i.e., Yes Bank and Kaynes Technology go up and down completely randomly.
Pair Corralation between Yes Bank and Kaynes Technology
Assuming the 90 days trading horizon Yes Bank is expected to generate 5.25 times less return on investment than Kaynes Technology. But when comparing it to its historical volatility, Yes Bank Limited is 1.65 times less risky than Kaynes Technology. It trades about 0.07 of its potential returns per unit of risk. Kaynes Technology India is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 541,405 in Kaynes Technology India on September 5, 2024 and sell it today you would earn a total of 81,145 from holding Kaynes Technology India or generate 14.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yes Bank Limited vs. Kaynes Technology India
Performance |
| Timeline |
| Yes Bank Limited |
| Kaynes Technology India |
Yes Bank and Kaynes Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yes Bank and Kaynes Technology
The main advantage of trading using opposite Yes Bank and Kaynes Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Bank position performs unexpectedly, Kaynes Technology 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 Kaynes Technology will offset losses from the drop in Kaynes Technology's long position.| Yes Bank vs. DMCC SPECIALITY CHEMICALS | Yes Bank vs. MIRC Electronics Limited | Yes Bank vs. Indian Card Clothing | Yes Bank vs. Salzer Electronics Limited |
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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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