Correlation Between Blue Coast and METAL
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By analyzing existing cross correlation between Blue Coast Hotels and METAL, you can compare the effects of market volatilities on Blue Coast and METAL 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 Blue Coast with a short position of METAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Coast and METAL.
Diversification Opportunities for Blue Coast and METAL
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blue and METAL is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Blue Coast Hotels and METAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on METAL and Blue Coast 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 Blue Coast Hotels are associated (or correlated) with METAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of METAL has no effect on the direction of Blue Coast i.e., Blue Coast and METAL go up and down completely randomly.
Pair Corralation between Blue Coast and METAL
Assuming the 90 days trading horizon Blue Coast Hotels is expected to under-perform the METAL. In addition to that, Blue Coast is 2.51 times more volatile than METAL. It trades about -0.13 of its total potential returns per unit of risk. METAL is currently generating about 0.11 per unit of volatility. If you would invest 934.00 in METAL on September 1, 2025 and sell it today you would earn a total of 100.00 from holding METAL or generate 10.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Coast Hotels vs. METAL
Performance |
| Timeline |
| Blue Coast Hotels |
| METAL |
Blue Coast and METAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Coast and METAL
The main advantage of trading using opposite Blue Coast and METAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Coast position performs unexpectedly, METAL 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 METAL will offset losses from the drop in METAL's long position.| Blue Coast vs. MOSCHIP TECHNOLOGIES LTD | Blue Coast vs. Dev Information Technology | Blue Coast vs. Kingfa Science Technology | Blue Coast vs. AAA Technologies Limited |
| METAL vs. V2 Retail Limited | METAL vs. Osia Hyper Retail | METAL vs. JHS Svendgaard Retail | METAL vs. BF Investment Limited |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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