Correlation Between Refex Industries and Future Retail
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By analyzing existing cross correlation between Refex Industries Limited and Future Retail Limited, you can compare the effects of market volatilities on Refex Industries and Future 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 Refex Industries with a short position of Future Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Refex Industries and Future Retail.
Diversification Opportunities for Refex Industries and Future Retail
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Refex and Future is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Refex Industries Limited and Future Retail Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Future Retail Limited and Refex Industries 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 Refex Industries Limited are associated (or correlated) with Future Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Future Retail Limited has no effect on the direction of Refex Industries i.e., Refex Industries and Future Retail go up and down completely randomly.
Pair Corralation between Refex Industries and Future Retail
Assuming the 90 days trading horizon Refex Industries Limited is expected to generate 1.42 times more return on investment than Future Retail. However, Refex Industries is 1.42 times more volatile than Future Retail Limited. It trades about 0.14 of its potential returns per unit of risk. Future Retail Limited is currently generating about -0.02 per unit of risk. If you would invest 5,475 in Refex Industries Limited on September 24, 2024 and sell it today you would earn a total of 43,415 from holding Refex Industries Limited or generate 792.97% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 89.92% |
Values | Daily Returns |
Refex Industries Limited vs. Future Retail Limited
Performance |
Timeline |
Refex Industries |
Future Retail Limited |
Refex Industries and Future Retail Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Refex Industries and Future Retail
The main advantage of trading using opposite Refex Industries and Future Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Refex Industries position performs unexpectedly, Future 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 Future Retail will offset losses from the drop in Future Retail's long position.Refex Industries vs. Digjam Limited | Refex Industries vs. Gujarat Raffia Industries | Refex Industries vs. Xelpmoc Design And | Refex Industries vs. Dynamatic Technologies Limited |
Future Retail vs. Melstar Information Technologies | Future Retail vs. Consolidated Construction Consortium | Future Retail vs. Biofil Chemicals Pharmaceuticals | Future Retail vs. Refex Industries Limited |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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