Correlation Between Cantabil Retail and Silgo Retail
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By analyzing existing cross correlation between Cantabil Retail India and Silgo Retail Limited, you can compare the effects of market volatilities on Cantabil Retail and Silgo Retail 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 Cantabil Retail with a short position of Silgo Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and Silgo Retail.
Diversification Opportunities for Cantabil Retail and Silgo Retail
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Cantabil and Silgo is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and Silgo Retail Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silgo Retail Limited and Cantabil Retail 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 Cantabil Retail India are associated (or correlated) with Silgo Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silgo Retail Limited has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and Silgo Retail go up and down completely randomly.
Pair Corralation between Cantabil Retail and Silgo Retail
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 0.72 times more return on investment than Silgo Retail. However, Cantabil Retail India is 1.39 times less risky than Silgo Retail. It trades about 0.24 of its potential returns per unit of risk. Silgo Retail Limited is currently generating about -0.07 per unit of risk. If you would invest 21,860 in Cantabil Retail India on September 25, 2024 and sell it today you would earn a total of 4,892 from holding Cantabil Retail India or generate 22.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Cantabil Retail India vs. Silgo Retail Limited
Performance |
Timeline |
Cantabil Retail India |
Silgo Retail Limited |
Cantabil Retail and Silgo Retail Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cantabil Retail and Silgo Retail
The main advantage of trading using opposite Cantabil Retail and Silgo Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, Silgo Retail 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 Silgo Retail will offset losses from the drop in Silgo Retail's long position.Cantabil Retail vs. Cholamandalam Investment and | Cantabil Retail vs. Melstar Information Technologies | Cantabil Retail vs. JGCHEMICALS LIMITED | Cantabil Retail vs. Tata Chemicals Limited |
Silgo Retail vs. Kaushalya Infrastructure Development | Silgo Retail vs. Tarapur Transformers Limited | Silgo Retail vs. Kingfa Science Technology | Silgo Retail vs. Rico Auto Industries |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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