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Correlation Between James Hardie and VITANIA LTD

Analyzing existing cross correlation between James Hardie Industries Plc and VITANIA LTD. You can compare the effects of market volatilities on James Hardie and VITANIA LTD 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 James Hardie with a short position of VITANIA LTD. Check out your portfolio center. Please also check ongoing floating volatility patterns of James Hardie and VITANIA LTD.
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Comparative Performance

James Hardie Industries  
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Risk-Adjusted Performance

Over the last 30 days James Hardie Industries Plc has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly weak basic indicators, James Hardie showed solid returns over the last few months and may actually be approaching a breakup point.
VITANIA LTD  
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Risk-Adjusted Performance

Over the last 30 days VITANIA LTD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, VITANIA LTD is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

James Hardie and VITANIA LTD Volatility Contrast

 Predicted Return Density 
    
  Returns 

James Hardie Industries Plc  vs.  VITANIA LTD

 Performance (%) 
    
  Timeline 

Pair Volatility

If you would invest  2,831  in James Hardie Industries Plc on January 19, 2020 and sell it today you would earn a total of  342.00  from holding James Hardie Industries Plc or generate 12.08% return on investment over 30 days.

Pair Corralation between James Hardie and VITANIA LTD

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Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy5.0%
ValuesDaily Returns

Diversification Opportunities for James Hardie and VITANIA LTD

James Hardie Industries Plc diversification synergy

Pay attention

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

James Hardie Industries Plc

Pair trading matchups for James Hardie

Check out your portfolio center. Please also try Equity Valuation module to check real value of public entities based on technical and fundamental data.