Correlation Between Amaya Leisure and RENUKA FOODS
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By analyzing existing cross correlation between Amaya Leisure PLC and RENUKA FOODS PLC, you can compare the effects of market volatilities on Amaya Leisure and RENUKA FOODS 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 Amaya Leisure with a short position of RENUKA FOODS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amaya Leisure and RENUKA FOODS.
Diversification Opportunities for Amaya Leisure and RENUKA FOODS
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Amaya and RENUKA is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Amaya Leisure PLC and RENUKA FOODS PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RENUKA FOODS PLC and Amaya Leisure 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 Amaya Leisure PLC are associated (or correlated) with RENUKA FOODS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RENUKA FOODS PLC has no effect on the direction of Amaya Leisure i.e., Amaya Leisure and RENUKA FOODS go up and down completely randomly.
Pair Corralation between Amaya Leisure and RENUKA FOODS
Assuming the 90 days trading horizon Amaya Leisure PLC is expected to generate 1.68 times more return on investment than RENUKA FOODS. However, Amaya Leisure is 1.68 times more volatile than RENUKA FOODS PLC. It trades about 0.3 of its potential returns per unit of risk. RENUKA FOODS PLC is currently generating about 0.03 per unit of risk. If you would invest 1,880 in Amaya Leisure PLC on September 16, 2024 and sell it today you would earn a total of 1,320 from holding Amaya Leisure PLC or generate 70.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.0% |
Values | Daily Returns |
Amaya Leisure PLC vs. RENUKA FOODS PLC
Performance |
Timeline |
Amaya Leisure PLC |
RENUKA FOODS PLC |
Amaya Leisure and RENUKA FOODS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Amaya Leisure and RENUKA FOODS
The main advantage of trading using opposite Amaya Leisure and RENUKA FOODS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amaya Leisure position performs unexpectedly, RENUKA FOODS 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 RENUKA FOODS will offset losses from the drop in RENUKA FOODS's long position.Amaya Leisure vs. Nations Trust Bank | Amaya Leisure vs. COMMERCIAL BANK OF | Amaya Leisure vs. RENUKA FOODS PLC | Amaya Leisure vs. Convenience Foods PLC |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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