Correlation Between Bajaj Holdings and Osia Hyper
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By analyzing existing cross correlation between Bajaj Holdings Investment and Osia Hyper Retail, you can compare the effects of market volatilities on Bajaj Holdings and Osia Hyper 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 Bajaj Holdings with a short position of Osia Hyper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bajaj Holdings and Osia Hyper.
Diversification Opportunities for Bajaj Holdings and Osia Hyper
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bajaj and Osia is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Bajaj Holdings Investment and Osia Hyper Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osia Hyper Retail and Bajaj Holdings 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 Bajaj Holdings Investment are associated (or correlated) with Osia Hyper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osia Hyper Retail has no effect on the direction of Bajaj Holdings i.e., Bajaj Holdings and Osia Hyper go up and down completely randomly.
Pair Corralation between Bajaj Holdings and Osia Hyper
Assuming the 90 days trading horizon Bajaj Holdings Investment is expected to under-perform the Osia Hyper. But the stock apears to be less risky and, when comparing its historical volatility, Bajaj Holdings Investment is 2.04 times less risky than Osia Hyper. The stock trades about -0.02 of its potential returns per unit of risk. The Osia Hyper Retail is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 3,420 in Osia Hyper Retail on September 3, 2024 and sell it today you would earn a total of 58.00 from holding Osia Hyper Retail or generate 1.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Bajaj Holdings Investment vs. Osia Hyper Retail
Performance |
| Timeline |
| Bajaj Holdings Investment |
| Osia Hyper Retail |
Bajaj Holdings and Osia Hyper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bajaj Holdings and Osia Hyper
The main advantage of trading using opposite Bajaj Holdings and Osia Hyper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bajaj Holdings position performs unexpectedly, Osia Hyper 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 Osia Hyper will offset losses from the drop in Osia Hyper's long position.| Bajaj Holdings vs. The Investment Trust | Bajaj Holdings vs. Hathway Cable Datacom | Bajaj Holdings vs. Kalyani Investment | Bajaj Holdings vs. Industrial Investment Trust |
| Osia Hyper vs. Bajaj Holdings Investment | Osia Hyper vs. Shipping | Osia Hyper vs. Indo Borax Chemicals | Osia Hyper vs. Kingfa Science Technology |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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