Correlation Between LLOYDS METALS and Spencers Retail
Specify exactly 2 symbols:
By analyzing existing cross correlation between LLOYDS METALS AND and Spencers Retail Limited, you can compare the effects of market volatilities on LLOYDS METALS and Spencers Retail 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 LLOYDS METALS with a short position of Spencers Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of LLOYDS METALS and Spencers Retail.
Diversification Opportunities for LLOYDS METALS and Spencers Retail
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between LLOYDS and Spencers is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding LLOYDS METALS AND and Spencers Retail Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spencers Retail and LLOYDS METALS 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 LLOYDS METALS AND are associated (or correlated) with Spencers Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spencers Retail has no effect on the direction of LLOYDS METALS i.e., LLOYDS METALS and Spencers Retail go up and down completely randomly.
Pair Corralation between LLOYDS METALS and Spencers Retail
Assuming the 90 days trading horizon LLOYDS METALS AND is expected to generate 0.89 times more return on investment than Spencers Retail. However, LLOYDS METALS AND is 1.12 times less risky than Spencers Retail. It trades about 0.23 of its potential returns per unit of risk. Spencers Retail Limited is currently generating about -0.01 per unit of risk. If you would invest 97,485 in LLOYDS METALS AND on October 23, 2024 and sell it today you would earn a total of 42,125 from holding LLOYDS METALS AND or generate 43.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
LLOYDS METALS AND vs. Spencers Retail Limited
Performance |
Timeline |
LLOYDS METALS AND |
Spencers Retail |
LLOYDS METALS and Spencers Retail Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with LLOYDS METALS and Spencers Retail
The main advantage of trading using opposite LLOYDS METALS and Spencers Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LLOYDS METALS position performs unexpectedly, Spencers Retail 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 Spencers Retail will offset losses from the drop in Spencers Retail's long position.LLOYDS METALS vs. JSW Steel Limited | LLOYDS METALS vs. Tata Steel Limited | LLOYDS METALS vs. Jindal Steel Power | LLOYDS METALS vs. APL Apollo Tubes |
Spencers Retail vs. Kaushalya Infrastructure Development | Spencers Retail vs. Tarapur Transformers Limited | Spencers Retail vs. Kingfa Science Technology | Spencers Retail vs. Rico Auto Industries |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |