Correlation Between Cantabil Retail and NIFTY SUMER
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By analyzing existing cross correlation between Cantabil Retail India and NIFTY SUMER DURABLES, you can compare the effects of market volatilities on Cantabil Retail and NIFTY SUMER 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 NIFTY SUMER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantabil Retail and NIFTY SUMER.
Diversification Opportunities for Cantabil Retail and NIFTY SUMER
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cantabil and NIFTY is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Cantabil Retail India and NIFTY SUMER DURABLES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NIFTY SUMER DURABLES 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 NIFTY SUMER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIFTY SUMER DURABLES has no effect on the direction of Cantabil Retail i.e., Cantabil Retail and NIFTY SUMER go up and down completely randomly.
Pair Corralation between Cantabil Retail and NIFTY SUMER
Assuming the 90 days trading horizon Cantabil Retail India is expected to generate 2.23 times more return on investment than NIFTY SUMER. However, Cantabil Retail is 2.23 times more volatile than NIFTY SUMER DURABLES. It trades about 0.05 of its potential returns per unit of risk. NIFTY SUMER DURABLES is currently generating about -0.1 per unit of risk. If you would invest 24,814 in Cantabil Retail India on September 22, 2024 and sell it today you would earn a total of 1,438 from holding Cantabil Retail India or generate 5.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.41% |
Values | Daily Returns |
Cantabil Retail India vs. NIFTY SUMER DURABLES
Performance |
Timeline |
Cantabil Retail and NIFTY SUMER Volatility Contrast
Predicted Return Density |
Returns |
Cantabil Retail India
Pair trading matchups for Cantabil Retail
NIFTY SUMER DURABLES
Pair trading matchups for NIFTY SUMER
Pair Trading with Cantabil Retail and NIFTY SUMER
The main advantage of trading using opposite Cantabil Retail and NIFTY SUMER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantabil Retail position performs unexpectedly, NIFTY SUMER 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 NIFTY SUMER will offset losses from the drop in NIFTY SUMER's long position.Cantabil Retail vs. KIOCL Limited | Cantabil Retail vs. Spentex Industries Limited | Cantabil Retail vs. Punjab Sind Bank | Cantabil Retail vs. ITI Limited |
NIFTY SUMER vs. Cantabil Retail India | NIFTY SUMER vs. Future Retail Limited | NIFTY SUMER vs. Osia Hyper Retail | NIFTY SUMER vs. SIL Investments 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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