Correlation Analysis Between NQEGT and BSE

This module allows you to analyze existing cross correlation between NQEGT and BSE. You can compare the effects of market volatilities on NQEGT and BSE 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 NQEGT with a short position of BSE. See also your portfolio center. Please also check ongoing floating volatility patterns of NQEGT and BSE.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

NQEGT  vs.  BSE

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQEGT is expected to under-perform the BSE. In addition to that, NQEGT is 1.36 times more volatile than BSE. It trades about -0.06 of its total potential returns per unit of risk. BSE is currently generating about 0.18 per unit of volatility. If you would invest  3,440,982  in BSE on November 19, 2018 and sell it today you would earn a total of  207,975  from holding BSE or generate 6.04% return on investment over 30 days.

Pair Corralation between NQEGT and BSE

-0.4
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy80.95%
ValuesDaily Returns

Diversification Opportunities for NQEGT and BSE

NQEGT diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding NQEGT and BSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BSE and NQEGT 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 NQEGT are associated (or correlated) with BSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BSE has no effect on the direction of NQEGT i.e. NQEGT and BSE go up and down completely randomly.
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