Correlation Between Hi Tech and AXISCADES Technologies
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By analyzing existing cross correlation between The Hi Tech Gears and AXISCADES Technologies Limited, you can compare the effects of market volatilities on Hi Tech and AXISCADES Technologies 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 Hi Tech with a short position of AXISCADES Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hi Tech and AXISCADES Technologies.
Diversification Opportunities for Hi Tech and AXISCADES Technologies
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HITECHGEAR and AXISCADES is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding The Hi Tech Gears and AXISCADES Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXISCADES Technologies and Hi Tech 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 The Hi Tech Gears are associated (or correlated) with AXISCADES Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXISCADES Technologies has no effect on the direction of Hi Tech i.e., Hi Tech and AXISCADES Technologies go up and down completely randomly.
Pair Corralation between Hi Tech and AXISCADES Technologies
Assuming the 90 days trading horizon The Hi Tech Gears is expected to under-perform the AXISCADES Technologies. But the stock apears to be less risky and, when comparing its historical volatility, The Hi Tech Gears is 1.75 times less risky than AXISCADES Technologies. The stock trades about -0.35 of its potential returns per unit of risk. The AXISCADES Technologies Limited is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest 155,300 in AXISCADES Technologies Limited on August 30, 2025 and sell it today you would lose (12,830) from holding AXISCADES Technologies Limited or give up 8.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Hi Tech Gears vs. AXISCADES Technologies Limited
Performance |
| Timeline |
| Hi Tech |
| AXISCADES Technologies |
Hi Tech and AXISCADES Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hi Tech and AXISCADES Technologies
The main advantage of trading using opposite Hi Tech and AXISCADES Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hi Tech position performs unexpectedly, AXISCADES Technologies 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 AXISCADES Technologies will offset losses from the drop in AXISCADES Technologies' long position.| Hi Tech vs. Compucom Software Limited | Hi Tech vs. Tera Software Limited | Hi Tech vs. Samhi Hotels Limited | Hi Tech vs. SINCLAIRS HOTELS ORD |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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