Correlation Between BAG Films and Prudent Corporate
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By analyzing existing cross correlation between BAG Films and and Prudent Corporate Advisory, you can compare the effects of market volatilities on BAG Films and Prudent Corporate 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 BAG Films with a short position of Prudent Corporate. Check out your portfolio center. Please also check ongoing floating volatility patterns of BAG Films and Prudent Corporate.
Diversification Opportunities for BAG Films and Prudent Corporate
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BAG and Prudent is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding BAG Films and and Prudent Corporate Advisory in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prudent Corporate and BAG Films 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 BAG Films and are associated (or correlated) with Prudent Corporate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prudent Corporate has no effect on the direction of BAG Films i.e., BAG Films and Prudent Corporate go up and down completely randomly.
Pair Corralation between BAG Films and Prudent Corporate
Assuming the 90 days trading horizon BAG Films and is expected to generate 2.72 times more return on investment than Prudent Corporate. However, BAG Films is 2.72 times more volatile than Prudent Corporate Advisory. It trades about 0.32 of its potential returns per unit of risk. Prudent Corporate Advisory is currently generating about -0.27 per unit of risk. If you would invest 927.00 in BAG Films and on September 24, 2024 and sell it today you would earn a total of 228.00 from holding BAG Films and or generate 24.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
BAG Films and vs. Prudent Corporate Advisory
Performance |
Timeline |
BAG Films |
Prudent Corporate |
BAG Films and Prudent Corporate Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BAG Films and Prudent Corporate
The main advantage of trading using opposite BAG Films and Prudent Corporate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BAG Films position performs unexpectedly, Prudent Corporate 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 Prudent Corporate will offset losses from the drop in Prudent Corporate's long position.BAG Films vs. General Insurance | BAG Films vs. Dhunseri Investments Limited | BAG Films vs. Cholamandalam Investment and | BAG Films vs. AUTHUM INVESTMENT INFRASTRUCTU |
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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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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