Correlation Analysis Between NIIT TECHNOLOGIES and NZSE

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

 Predicted Return Density 
      Returns 

NIIT TECHNOLOGIES  vs.  NZSE

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NIIT TECHNOLOGIES is expected to generate 2.72 times more return on investment than NZSE. However, NIIT TECHNOLOGIES is 2.72 times more volatile than NZSE. It trades about 0.05 of its potential returns per unit of risk. NZSE is currently generating about 0.08 per unit of risk. If you would invest  133,225  in NIIT TECHNOLOGIES on July 25, 2019 and sell it today you would earn a total of  4,420  from holding NIIT TECHNOLOGIES or generate 3.32% return on investment over 30 days.

Pair Corralation between NIIT TECHNOLOGIES and NZSE

-0.04
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for NIIT TECHNOLOGIES and NZSE

NIIT TECHNOLOGIES diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding NIIT TECHNOLOGIES and NZSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NZSE and NIIT TECHNOLOGIES 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 NIIT TECHNOLOGIES are associated (or correlated) with NZSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NZSE has no effect on the direction of NIIT TECHNOLOGIES i.e. NIIT TECHNOLOGIES and NZSE go up and down completely randomly.
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See also your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.


 
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