Correlation Between Bhiraj Office and Golden Ventures
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By analyzing existing cross correlation between Bhiraj Office Leasehold and Golden Ventures Leasehold, you can compare the effects of market volatilities on Bhiraj Office and Golden Ventures 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 Golden Ventures. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bhiraj Office and Golden Ventures.
Diversification Opportunities for Bhiraj Office and Golden Ventures
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bhiraj and Golden is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Bhiraj Office Leasehold and Golden Ventures Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golden Ventures Leasehold 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 Golden Ventures. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golden Ventures Leasehold has no effect on the direction of Bhiraj Office i.e., Bhiraj Office and Golden Ventures go up and down completely randomly.
Pair Corralation between Bhiraj Office and Golden Ventures
Assuming the 90 days trading horizon Bhiraj Office Leasehold is expected to under-perform the Golden Ventures. But the stock apears to be less risky and, when comparing its historical volatility, Bhiraj Office Leasehold is 1.34 times less risky than Golden Ventures. The stock trades about -0.04 of its potential returns per unit of risk. The Golden Ventures Leasehold is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 723.00 in Golden Ventures Leasehold on September 3, 2024 and sell it today you would lose (38.00) from holding Golden Ventures Leasehold or give up 5.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bhiraj Office Leasehold vs. Golden Ventures Leasehold
Performance |
| Timeline |
| Bhiraj Office Leasehold |
| Golden Ventures Leasehold |
Bhiraj Office and Golden Ventures Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bhiraj Office and Golden Ventures
The main advantage of trading using opposite Bhiraj Office and Golden Ventures positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bhiraj Office position performs unexpectedly, Golden Ventures 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 Golden Ventures will offset losses from the drop in Golden Ventures' 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 |
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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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