Correlation Between Lotus Eye and Can Fin
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By analyzing existing cross correlation between Lotus Eye Hospital and Can Fin Homes, you can compare the effects of market volatilities on Lotus Eye and Can Fin 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 Lotus Eye with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lotus Eye and Can Fin.
Diversification Opportunities for Lotus Eye and Can Fin
Very weak diversification
The 3 months correlation between Lotus and Can is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Lotus Eye Hospital and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and Lotus Eye 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 Lotus Eye Hospital are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of Lotus Eye i.e., Lotus Eye and Can Fin go up and down completely randomly.
Pair Corralation between Lotus Eye and Can Fin
Assuming the 90 days trading horizon Lotus Eye Hospital is expected to generate 1.37 times more return on investment than Can Fin. However, Lotus Eye is 1.37 times more volatile than Can Fin Homes. It trades about 0.0 of its potential returns per unit of risk. Can Fin Homes is currently generating about -0.08 per unit of risk. If you would invest 7,602 in Lotus Eye Hospital on September 12, 2024 and sell it today you would lose (92.00) from holding Lotus Eye Hospital or give up 1.21% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 98.41% |
Values | Daily Returns |
Lotus Eye Hospital vs. Can Fin Homes
Performance |
Timeline |
Lotus Eye Hospital |
Can Fin Homes |
Lotus Eye and Can Fin Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Lotus Eye and Can Fin
The main advantage of trading using opposite Lotus Eye and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lotus Eye position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.Lotus Eye vs. Reliance Industries Limited | Lotus Eye vs. Oil Natural Gas | Lotus Eye vs. ICICI Bank Limited | Lotus Eye vs. Bharti Airtel 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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