Correlation Between Kilitch Drugs and Page Industries
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By analyzing existing cross correlation between Kilitch Drugs Limited and Page Industries Limited, you can compare the effects of market volatilities on Kilitch Drugs and Page Industries 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 Kilitch Drugs with a short position of Page Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kilitch Drugs and Page Industries.
Diversification Opportunities for Kilitch Drugs and Page Industries
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kilitch and Page is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Kilitch Drugs Limited and Page Industries Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Page Industries and Kilitch Drugs 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 Kilitch Drugs Limited are associated (or correlated) with Page Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Page Industries has no effect on the direction of Kilitch Drugs i.e., Kilitch Drugs and Page Industries go up and down completely randomly.
Pair Corralation between Kilitch Drugs and Page Industries
Assuming the 90 days trading horizon Kilitch Drugs Limited is expected to generate 1.88 times more return on investment than Page Industries. However, Kilitch Drugs is 1.88 times more volatile than Page Industries Limited. It trades about 0.06 of its potential returns per unit of risk. Page Industries Limited is currently generating about -0.2 per unit of risk. If you would invest 32,465 in Kilitch Drugs Limited on October 22, 2024 and sell it today you would earn a total of 650.00 from holding Kilitch Drugs Limited or generate 2.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.0% |
Values | Daily Returns |
Kilitch Drugs Limited vs. Page Industries Limited
Performance |
Timeline |
Kilitch Drugs Limited |
Page Industries |
Kilitch Drugs and Page Industries Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kilitch Drugs and Page Industries
The main advantage of trading using opposite Kilitch Drugs and Page Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kilitch Drugs position performs unexpectedly, Page Industries 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 Page Industries will offset losses from the drop in Page Industries' long position.Kilitch Drugs vs. Pilani Investment and | Kilitch Drugs vs. Welspun Investments and | Kilitch Drugs vs. Network18 Media Investments | Kilitch Drugs vs. The Investment Trust |
Page Industries vs. Welspun Investments and | Page Industries vs. Kalyani Investment | Page Industries vs. Computer Age Management | Page Industries vs. Repco Home Finance |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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