Correlation Between LYKA LABORATORIES and ATT

By analyzing existing cross correlation between LYKA LABORATORIES and ATT Inc, you can compare the effects of market volatilities on LYKA LABORATORIES and ATT 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 LYKA LABORATORIES with a short position of ATT. Check out your portfolio center. Please also check ongoing floating volatility patterns of LYKA LABORATORIES and ATT.

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Can any of the company-specific risk be diversified away by investing in both LYKA LABORATORIES and ATT at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining LYKA LABORATORIES and ATT into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for LYKA LABORATORIES and ATT

-0.1
  Correlation Coefficient
LYKA LABORATORIES
ATT Inc

Good diversification

The 3 months correlation between LYKALABS and ATT is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding LYKA LABORATORIES and ATT Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ATT Inc and LYKA LABORATORIES 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 LYKA LABORATORIES are associated (or correlated) with ATT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATT Inc has no effect on the direction of LYKA LABORATORIES i.e. LYKA LABORATORIES and ATT go up and down completely randomly.

Pair Corralation between LYKA LABORATORIES and ATT

Assuming the 30 trading days horizon, LYKA LABORATORIES is expected to generate 2.31 times more return on investment than ATT. However, LYKA LABORATORIES is 2.31 times more volatile than ATT Inc. It trades about 0.04 of its potential returns per unit of risk. ATT Inc is currently generating about 0.01 per unit of risk. If you would invest  1,895  in LYKA LABORATORIES on June 10, 2020 and sell it today you would earn a total of  105.00  from holding LYKA LABORATORIES or generate 5.54% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy84.13%
ValuesDaily Returns

LYKA LABORATORIES  vs.  ATT Inc

 Performance (%) 
      Timeline 
LYKA LABORATORIES 
33

LYKA LABORATORIES Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LYKA LABORATORIES are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat conflicting basic indicators, LYKA LABORATORIES sustained solid returns over the last few months and may actually be approaching a breakup point.
ATT Inc 
00

ATT Risk-Adjusted Performance

Over the last 30 days ATT Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively unchanging essential indicators, ATT is not utilizing all of its potentials. The current stock price uproar, may contribute to short horizon losses for the private investors.

LYKA LABORATORIES and ATT Volatility Contrast

 Predicted Return Density 
      Returns 

LYKA LABORATORIES

Pair trading matchups for LYKA LABORATORIES

Check out your portfolio center. Please also try Positions Ratings module to 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.


 
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