Correlation Between Bhiraj Office and Central Retail
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By analyzing existing cross correlation between Bhiraj Office Leasehold and Central Retail, you can compare the effects of market volatilities on Bhiraj Office and Central Retail 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 Central Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bhiraj Office and Central Retail.
Diversification Opportunities for Bhiraj Office and Central Retail
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bhiraj and Central is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Bhiraj Office Leasehold and Central Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Central Retail 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 Central Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Central Retail has no effect on the direction of Bhiraj Office i.e., Bhiraj Office and Central Retail go up and down completely randomly.
Pair Corralation between Bhiraj Office and Central Retail
Assuming the 90 days trading horizon Bhiraj Office Leasehold is expected to under-perform the Central Retail. But the stock apears to be less risky and, when comparing its historical volatility, Bhiraj Office Leasehold is 1.8 times less risky than Central Retail. The stock trades about -0.04 of its potential returns per unit of risk. The Central Retail is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 4,255 in Central Retail on August 26, 2024 and sell it today you would lose (855.00) from holding Central Retail or give up 20.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bhiraj Office Leasehold vs. Central Retail
Performance |
| Timeline |
| Bhiraj Office Leasehold |
| Central Retail |
Bhiraj Office and Central Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bhiraj Office and Central Retail
The main advantage of trading using opposite Bhiraj Office and Central Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bhiraj Office position performs unexpectedly, Central Retail 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 Central Retail will offset losses from the drop in Central Retail's long position.| Bhiraj Office vs. Delta Electronics Public | Bhiraj Office vs. Delta Electronics Public | Bhiraj Office vs. Airports of Thailand | Bhiraj Office vs. Airports of Thailand |
| Central Retail vs. The Erawan Group | Central Retail vs. Airports of Thailand | Central Retail vs. Eastern Technical Engineering | Central Retail vs. Pylon Public |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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