Correlation Between KEC International and Ganesh Housing
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By analyzing existing cross correlation between KEC International Limited and Ganesh Housing, you can compare the effects of market volatilities on KEC International and Ganesh Housing 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 KEC International with a short position of Ganesh Housing. Check out your portfolio center. Please also check ongoing floating volatility patterns of KEC International and Ganesh Housing.
Diversification Opportunities for KEC International and Ganesh Housing
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between KEC and Ganesh is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding KEC International Limited and Ganesh Housing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ganesh Housing and KEC International 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 KEC International Limited are associated (or correlated) with Ganesh Housing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ganesh Housing has no effect on the direction of KEC International i.e., KEC International and Ganesh Housing go up and down completely randomly.
Pair Corralation between KEC International and Ganesh Housing
Assuming the 90 days trading horizon KEC International Limited is expected to under-perform the Ganesh Housing. In addition to that, KEC International is 1.03 times more volatile than Ganesh Housing. It trades about 0.0 of its total potential returns per unit of risk. Ganesh Housing is currently generating about 0.13 per unit of volatility. If you would invest 99,190 in Ganesh Housing on October 13, 2024 and sell it today you would earn a total of 24,490 from holding Ganesh Housing or generate 24.69% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
KEC International Limited vs. Ganesh Housing
Performance |
Timeline |
KEC International |
Ganesh Housing |
KEC International and Ganesh Housing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with KEC International and Ganesh Housing
The main advantage of trading using opposite KEC International and Ganesh Housing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KEC International position performs unexpectedly, Ganesh Housing 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 Ganesh Housing will offset losses from the drop in Ganesh Housing's long position.KEC International vs. Allied Blenders Distillers | ||
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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