Correlation Between Bhiraj Office and AddTech Hub
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By analyzing existing cross correlation between Bhiraj Office Leasehold and AddTech Hub Public, you can compare the effects of market volatilities on Bhiraj Office and AddTech Hub 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 Bhiraj Office with a short position of AddTech Hub. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bhiraj Office and AddTech Hub.
Diversification Opportunities for Bhiraj Office and AddTech Hub
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bhiraj and AddTech is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Bhiraj Office Leasehold and AddTech Hub Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AddTech Hub Public and Bhiraj Office 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 Bhiraj Office Leasehold are associated (or correlated) with AddTech Hub. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AddTech Hub Public has no effect on the direction of Bhiraj Office i.e., Bhiraj Office and AddTech Hub go up and down completely randomly.
Pair Corralation between Bhiraj Office and AddTech Hub
Assuming the 90 days trading horizon Bhiraj Office Leasehold is expected to generate 0.65 times more return on investment than AddTech Hub. However, Bhiraj Office Leasehold is 1.54 times less risky than AddTech Hub. It trades about 0.07 of its potential returns per unit of risk. AddTech Hub Public is currently generating about 0.0 per unit of risk. If you would invest 459.00 in Bhiraj Office Leasehold on August 29, 2024 and sell it today you would earn a total of 51.00 from holding Bhiraj Office Leasehold or generate 11.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bhiraj Office Leasehold vs. AddTech Hub Public
Performance |
| Timeline |
| Bhiraj Office Leasehold |
| AddTech Hub Public |
Bhiraj Office and AddTech Hub Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bhiraj Office and AddTech Hub
The main advantage of trading using opposite Bhiraj Office and AddTech Hub positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bhiraj Office position performs unexpectedly, AddTech Hub 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 AddTech Hub will offset losses from the drop in AddTech Hub's long position.| Bhiraj Office vs. Quality Houses Hotel | Bhiraj Office vs. Quality Houses Property | Bhiraj Office vs. CK Power Public | Bhiraj Office vs. Thai Metal Drum |
| AddTech Hub vs. Forth Public | AddTech Hub vs. After You Public | AddTech Hub vs. The Erawan Group | AddTech Hub vs. Airports of Thailand |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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