Correlation Between Bhiraj Office and Halcyon Technology
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By analyzing existing cross correlation between Bhiraj Office Leasehold and Halcyon Technology Public, you can compare the effects of market volatilities on Bhiraj Office and Halcyon Technology 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 Halcyon Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bhiraj Office and Halcyon Technology.
Diversification Opportunities for Bhiraj Office and Halcyon Technology
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bhiraj and Halcyon is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Bhiraj Office Leasehold and Halcyon Technology Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Halcyon Technology 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 Halcyon Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Halcyon Technology Public has no effect on the direction of Bhiraj Office i.e., Bhiraj Office and Halcyon Technology go up and down completely randomly.
Pair Corralation between Bhiraj Office and Halcyon Technology
Assuming the 90 days trading horizon Bhiraj Office Leasehold is expected to under-perform the Halcyon Technology. But the stock apears to be less risky and, when comparing its historical volatility, Bhiraj Office Leasehold is 2.6 times less risky than Halcyon Technology. The stock trades about -0.04 of its potential returns per unit of risk. The Halcyon Technology Public is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 383.00 in Halcyon Technology Public on August 26, 2024 and sell it today you would earn a total of 47.00 from holding Halcyon Technology Public or generate 12.27% 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. Halcyon Technology Public
Performance |
| Timeline |
| Bhiraj Office Leasehold |
| Halcyon Technology Public |
Bhiraj Office and Halcyon Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bhiraj Office and Halcyon Technology
The main advantage of trading using opposite Bhiraj Office and Halcyon Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bhiraj Office position performs unexpectedly, Halcyon Technology 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 Halcyon Technology will offset losses from the drop in Halcyon Technology'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 |
| Halcyon Technology vs. Tata Steel Public | Halcyon Technology vs. Thaifoods Group Public | Halcyon Technology vs. TMT Steel Public | Halcyon Technology vs. The Erawan Group |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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