Correlation Between Barbeque Nation and Pritish Nandy
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By analyzing existing cross correlation between Barbeque Nation Hospitality and Pritish Nandy Communications, you can compare the effects of market volatilities on Barbeque Nation and Pritish Nandy 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 Barbeque Nation with a short position of Pritish Nandy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barbeque Nation and Pritish Nandy.
Diversification Opportunities for Barbeque Nation and Pritish Nandy
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Barbeque and Pritish is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Barbeque Nation Hospitality and Pritish Nandy Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pritish Nandy Commun and Barbeque Nation 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 Barbeque Nation Hospitality are associated (or correlated) with Pritish Nandy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pritish Nandy Commun has no effect on the direction of Barbeque Nation i.e., Barbeque Nation and Pritish Nandy go up and down completely randomly.
Pair Corralation between Barbeque Nation and Pritish Nandy
Assuming the 90 days trading horizon Barbeque Nation Hospitality is expected to under-perform the Pritish Nandy. But the stock apears to be less risky and, when comparing its historical volatility, Barbeque Nation Hospitality is 1.94 times less risky than Pritish Nandy. The stock trades about -0.07 of its potential returns per unit of risk. The Pritish Nandy Communications is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 3,790 in Pritish Nandy Communications on September 26, 2024 and sell it today you would earn a total of 2,022 from holding Pritish Nandy Communications or generate 53.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Barbeque Nation Hospitality vs. Pritish Nandy Communications
Performance |
Timeline |
Barbeque Nation Hosp |
Pritish Nandy Commun |
Barbeque Nation and Pritish Nandy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Barbeque Nation and Pritish Nandy
The main advantage of trading using opposite Barbeque Nation and Pritish Nandy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barbeque Nation position performs unexpectedly, Pritish Nandy 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 Pritish Nandy will offset losses from the drop in Pritish Nandy's long position.Barbeque Nation vs. Kingfa Science Technology | Barbeque Nation vs. Rico Auto Industries | Barbeque Nation vs. GACM Technologies Limited | Barbeque Nation vs. COSMO FIRST 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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