Correlation Between Juniper Hotels and Sasken Technologies
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By analyzing existing cross correlation between Juniper Hotels and Sasken Technologies Limited, you can compare the effects of market volatilities on Juniper Hotels and Sasken Technologies 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 Juniper Hotels with a short position of Sasken Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Sasken Technologies.
Diversification Opportunities for Juniper Hotels and Sasken Technologies
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juniper and Sasken is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Sasken Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sasken Technologies and Juniper 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 Juniper Hotels are associated (or correlated) with Sasken Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sasken Technologies has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Sasken Technologies go up and down completely randomly.
Pair Corralation between Juniper Hotels and Sasken Technologies
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Sasken Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Juniper Hotels is 1.04 times less risky than Sasken Technologies. The stock trades about -0.01 of its potential returns per unit of risk. The Sasken Technologies Limited is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 119,617 in Sasken Technologies Limited on September 15, 2024 and sell it today you would earn a total of 93,618 from holding Sasken Technologies Limited or generate 78.26% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 81.48% |
Values | Daily Returns |
Juniper Hotels vs. Sasken Technologies Limited
Performance |
Timeline |
Juniper Hotels |
Sasken Technologies |
Juniper Hotels and Sasken Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Juniper Hotels and Sasken Technologies
The main advantage of trading using opposite Juniper Hotels and Sasken Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Sasken Technologies 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 Sasken Technologies will offset losses from the drop in Sasken Technologies' long position.Juniper Hotels vs. Indian Railway Finance | Juniper Hotels vs. Cholamandalam Financial Holdings | Juniper Hotels vs. Reliance Industries Limited | Juniper Hotels vs. Tata Consultancy Services |
Sasken Technologies vs. Vodafone Idea Limited | Sasken Technologies vs. Yes Bank Limited | Sasken Technologies vs. Indian Overseas Bank | Sasken Technologies vs. Indian Oil |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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