Correlation Between RAYMOND and DOW

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

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Can any of the company-specific risk be diversified away by investing in both RAYMOND and DOW 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 RAYMOND and DOW into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for RAYMOND and DOW

0.0
  Correlation Coefficient
RAYMOND LTD
DOW

Pay attention - limited upside

The 3 months correlation between RAYMOND and DOW is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding RAYMOND LTD and DOW in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DOW and RAYMOND 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 RAYMOND LTD are associated (or correlated) with DOW. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOW has no effect on the direction of RAYMOND i.e. RAYMOND and DOW go up and down completely randomly.
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Pair Corralation between RAYMOND and DOW

If you would invest  2,339,077  in DOW on June 11, 2020 and sell it today you would earn a total of  268,453  from holding DOW or generate 11.48% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

RAYMOND LTD  vs.  DOW

 Performance (%) 
      Timeline 
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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