Correlation Between EMBASSY OFFICE and Punjab National
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By analyzing existing cross correlation between EMBASSY OFFICE PARKS and Punjab National Bank, you can compare the effects of market volatilities on EMBASSY OFFICE and Punjab National 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 EMBASSY OFFICE with a short position of Punjab National. Check out your portfolio center. Please also check ongoing floating volatility patterns of EMBASSY OFFICE and Punjab National.
Diversification Opportunities for EMBASSY OFFICE and Punjab National
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between EMBASSY and Punjab is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding EMBASSY OFFICE PARKS and Punjab National Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Punjab National Bank and EMBASSY OFFICE 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 EMBASSY OFFICE PARKS are associated (or correlated) with Punjab National. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Punjab National Bank has no effect on the direction of EMBASSY OFFICE i.e., EMBASSY OFFICE and Punjab National go up and down completely randomly.
Pair Corralation between EMBASSY OFFICE and Punjab National
Assuming the 90 days trading horizon EMBASSY OFFICE PARKS is expected to generate 0.57 times more return on investment than Punjab National. However, EMBASSY OFFICE PARKS is 1.76 times less risky than Punjab National. It trades about -0.03 of its potential returns per unit of risk. Punjab National Bank is currently generating about -0.06 per unit of risk. If you would invest 37,977 in EMBASSY OFFICE PARKS on December 10, 2024 and sell it today you would lose (1,889) from holding EMBASSY OFFICE PARKS or give up 4.97% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 99.19% |
Values | Daily Returns |
EMBASSY OFFICE PARKS vs. Punjab National Bank
Performance |
Timeline |
EMBASSY OFFICE PARKS |
Punjab National Bank |
EMBASSY OFFICE and Punjab National Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with EMBASSY OFFICE and Punjab National
The main advantage of trading using opposite EMBASSY OFFICE and Punjab National positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EMBASSY OFFICE position performs unexpectedly, Punjab National 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 Punjab National will offset losses from the drop in Punjab National's long position.EMBASSY OFFICE vs. NMDC Limited | EMBASSY OFFICE vs. Steel Authority of | EMBASSY OFFICE vs. Embassy Office Parks | EMBASSY OFFICE vs. Jai Balaji Industries |
Punjab National vs. Compucom Software Limited | Punjab National vs. One 97 Communications | Punjab National vs. Patanjali Foods Limited | Punjab National vs. Tata Communications 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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