Correlation Between Parag Milk and Garware Hi
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By analyzing existing cross correlation between Parag Milk Foods and Garware Hi Tech Films, you can compare the effects of market volatilities on Parag Milk and Garware Hi 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 Parag Milk with a short position of Garware Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Parag Milk and Garware Hi.
Diversification Opportunities for Parag Milk and Garware Hi
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Parag and Garware is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Parag Milk Foods and Garware Hi Tech Films in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Garware Hi Tech and Parag Milk 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 Parag Milk Foods are associated (or correlated) with Garware Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Garware Hi Tech has no effect on the direction of Parag Milk i.e., Parag Milk and Garware Hi go up and down completely randomly.
Pair Corralation between Parag Milk and Garware Hi
Assuming the 90 days trading horizon Parag Milk Foods is expected to generate 0.95 times more return on investment than Garware Hi. However, Parag Milk Foods is 1.06 times less risky than Garware Hi. It trades about 0.08 of its potential returns per unit of risk. Garware Hi Tech Films is currently generating about -0.04 per unit of risk. If you would invest 25,280 in Parag Milk Foods on July 20, 2025 and sell it today you would earn a total of 3,245 from holding Parag Milk Foods or generate 12.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Parag Milk Foods vs. Garware Hi Tech Films
Performance |
| Timeline |
| Parag Milk Foods |
| Garware Hi Tech |
Parag Milk and Garware Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Parag Milk and Garware Hi
The main advantage of trading using opposite Parag Milk and Garware Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Parag Milk position performs unexpectedly, Garware Hi 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 Garware Hi will offset losses from the drop in Garware Hi's long position.| Parag Milk vs. Akme Fintrade India | Parag Milk vs. Ortel Communications Limited | Parag Milk vs. Tata Communications Limited | Parag Milk vs. JHS Svendgaard Retail |
| Garware Hi vs. Indian Metals Ferro | Garware Hi vs. Ankit Metal Power | Garware Hi vs. Shyam Metalics and | Garware Hi vs. Hilton Metal Forging |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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