Correlation Between DiGiSPICE Technologies and Bikaji Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between DiGiSPICE Technologies Limited and Bikaji Foods International, you can compare the effects of market volatilities on DiGiSPICE Technologies and Bikaji Foods 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 DiGiSPICE Technologies with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of DiGiSPICE Technologies and Bikaji Foods.
Diversification Opportunities for DiGiSPICE Technologies and Bikaji Foods
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DiGiSPICE and Bikaji is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding DiGiSPICE Technologies Limited and Bikaji Foods International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bikaji Foods Interna and DiGiSPICE 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 DiGiSPICE Technologies Limited are associated (or correlated) with Bikaji Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bikaji Foods Interna has no effect on the direction of DiGiSPICE Technologies i.e., DiGiSPICE Technologies and Bikaji Foods go up and down completely randomly.
Pair Corralation between DiGiSPICE Technologies and Bikaji Foods
Assuming the 90 days trading horizon DiGiSPICE Technologies Limited is expected to generate 3.12 times more return on investment than Bikaji Foods. However, DiGiSPICE Technologies is 3.12 times more volatile than Bikaji Foods International. It trades about 0.02 of its potential returns per unit of risk. Bikaji Foods International is currently generating about -0.19 per unit of risk. If you would invest 2,475 in DiGiSPICE Technologies Limited on September 5, 2025 and sell it today you would earn a total of 35.00 from holding DiGiSPICE Technologies Limited or generate 1.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DiGiSPICE Technologies Limited vs. Bikaji Foods International
Performance |
| Timeline |
| DiGiSPICE Technologies |
| Bikaji Foods Interna |
DiGiSPICE Technologies and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DiGiSPICE Technologies and Bikaji Foods
The main advantage of trading using opposite DiGiSPICE Technologies and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DiGiSPICE Technologies position performs unexpectedly, Bikaji Foods 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 Bikaji Foods will offset losses from the drop in Bikaji Foods' long position.The idea behind DiGiSPICE Technologies Limited and Bikaji Foods International pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
| Bikaji Foods vs. STEEL EXCHANGE INDIA | Bikaji Foods vs. Aarti Drugs Limited | Bikaji Foods vs. Akums Drugs and | Bikaji Foods vs. MSP Steel Power |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |