Correlation Between Blue Coast and Omkar Speciality
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By analyzing existing cross correlation between Blue Coast Hotels and Omkar Speciality Chemicals, you can compare the effects of market volatilities on Blue Coast and Omkar Speciality 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 Omkar Speciality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Coast and Omkar Speciality.
Diversification Opportunities for Blue Coast and Omkar Speciality
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blue and Omkar is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Blue Coast Hotels and Omkar Speciality Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omkar Speciality Che 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 Omkar Speciality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omkar Speciality Che has no effect on the direction of Blue Coast i.e., Blue Coast and Omkar Speciality go up and down completely randomly.
Pair Corralation between Blue Coast and Omkar Speciality
Assuming the 90 days trading horizon Blue Coast Hotels is expected to generate 0.84 times more return on investment than Omkar Speciality. However, Blue Coast Hotels is 1.2 times less risky than Omkar Speciality. It trades about 0.23 of its potential returns per unit of risk. Omkar Speciality Chemicals is currently generating about -0.01 per unit of risk. If you would invest 660.00 in Blue Coast Hotels on November 19, 2024 and sell it today you would earn a total of 3,023 from holding Blue Coast Hotels or generate 458.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 72.6% |
| Values | Daily Returns |
Blue Coast Hotels vs. Omkar Speciality Chemicals
Performance |
| Timeline |
| Blue Coast Hotels |
| Omkar Speciality Che |
Blue Coast and Omkar Speciality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Coast and Omkar Speciality
The main advantage of trading using opposite Blue Coast and Omkar Speciality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Coast position performs unexpectedly, Omkar Speciality 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 Omkar Speciality will offset losses from the drop in Omkar Speciality's long position.| Blue Coast vs. Elgi Rubber | Blue Coast vs. Shaily Engineering Plastics | Blue Coast vs. Pilani Investment and | Blue Coast vs. HDFC Asset Management |
| Omkar Speciality vs. Reliance Communications Limited | Omkar Speciality vs. Le Travenues Technology | Omkar Speciality vs. R S Software | Omkar Speciality vs. Compucom Software 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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