Correlation Between Mangalam Cement and Bionano Genomics
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By analyzing existing cross correlation between Mangalam Cement Limited and Bionano Genomics, you can compare the effects of market volatilities on Mangalam Cement and Bionano Genomics 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 Mangalam Cement with a short position of Bionano Genomics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mangalam Cement and Bionano Genomics.
Diversification Opportunities for Mangalam Cement and Bionano Genomics
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mangalam and Bionano is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Mangalam Cement Limited and Bionano Genomics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bionano Genomics and Mangalam Cement 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 Mangalam Cement Limited are associated (or correlated) with Bionano Genomics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bionano Genomics has no effect on the direction of Mangalam Cement i.e., Mangalam Cement and Bionano Genomics go up and down completely randomly.
Pair Corralation between Mangalam Cement and Bionano Genomics
Assuming the 90 days trading horizon Mangalam Cement Limited is expected to generate 0.62 times more return on investment than Bionano Genomics. However, Mangalam Cement Limited is 1.61 times less risky than Bionano Genomics. It trades about 0.4 of its potential returns per unit of risk. Bionano Genomics is currently generating about -0.05 per unit of risk. If you would invest 74,130 in Mangalam Cement Limited on February 5, 2024 and sell it today you would earn a total of 17,805 from holding Mangalam Cement Limited or generate 24.02% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 86.36% |
Values | Daily Returns |
Mangalam Cement Limited vs. Bionano Genomics
Performance |
Timeline |
Mangalam Cement |
Bionano Genomics |
Mangalam Cement and Bionano Genomics Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Mangalam Cement and Bionano Genomics
The main advantage of trading using opposite Mangalam Cement and Bionano Genomics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mangalam Cement position performs unexpectedly, Bionano Genomics 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 Bionano Genomics will offset losses from the drop in Bionano Genomics' long position.Mangalam Cement vs. NMDC Limited | Mangalam Cement vs. Steel Authority of | Mangalam Cement vs. JTL Industries | Mangalam Cement vs. Maithan Alloys Limited |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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