Correlation Between Asian Hotels and Network18 Media
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By analyzing existing cross correlation between Asian Hotels Limited and Network18 Media Investments, you can compare the effects of market volatilities on Asian Hotels and Network18 Media 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 Asian Hotels with a short position of Network18 Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asian Hotels and Network18 Media.
Diversification Opportunities for Asian Hotels and Network18 Media
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Asian and Network18 is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Asian Hotels Limited and Network18 Media Investments in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Network18 Media Inve and Asian Hotels 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 Asian Hotels Limited are associated (or correlated) with Network18 Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Network18 Media Inve has no effect on the direction of Asian Hotels i.e., Asian Hotels and Network18 Media go up and down completely randomly.
Pair Corralation between Asian Hotels and Network18 Media
Assuming the 90 days trading horizon Asian Hotels Limited is expected to generate 1.23 times more return on investment than Network18 Media. However, Asian Hotels is 1.23 times more volatile than Network18 Media Investments. It trades about 0.18 of its potential returns per unit of risk. Network18 Media Investments is currently generating about -0.04 per unit of risk. If you would invest 17,858 in Asian Hotels Limited on September 26, 2024 and sell it today you would earn a total of 8,511 from holding Asian Hotels Limited or generate 47.66% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Asian Hotels Limited vs. Network18 Media Investments
Performance |
Timeline |
Asian Hotels Limited |
Network18 Media Inve |
Asian Hotels and Network18 Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Asian Hotels and Network18 Media
The main advantage of trading using opposite Asian Hotels and Network18 Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asian Hotels position performs unexpectedly, Network18 Media 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 Network18 Media will offset losses from the drop in Network18 Media's long position.Asian Hotels vs. Kaushalya Infrastructure Development | Asian Hotels vs. Tarapur Transformers Limited | Asian Hotels vs. Kingfa Science Technology | Asian Hotels vs. Rico Auto Industries |
Network18 Media vs. Hindcon Chemicals Limited | Network18 Media vs. Sri Havisha Hospitality | Network18 Media vs. Zuari Agro Chemicals | Network18 Media vs. GPT Healthcare |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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