Correlation Between COSMO FIRST and Barbeque Nation
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By analyzing existing cross correlation between COSMO FIRST LIMITED and Barbeque Nation Hospitality, you can compare the effects of market volatilities on COSMO FIRST and Barbeque Nation 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 COSMO FIRST with a short position of Barbeque Nation. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSMO FIRST and Barbeque Nation.
Diversification Opportunities for COSMO FIRST and Barbeque Nation
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between COSMO and Barbeque is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding COSMO FIRST LIMITED and Barbeque Nation Hospitality in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barbeque Nation Hosp and COSMO FIRST 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 COSMO FIRST LIMITED are associated (or correlated) with Barbeque Nation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barbeque Nation Hosp has no effect on the direction of COSMO FIRST i.e., COSMO FIRST and Barbeque Nation go up and down completely randomly.
Pair Corralation between COSMO FIRST and Barbeque Nation
Assuming the 90 days trading horizon COSMO FIRST LIMITED is expected to generate 1.28 times more return on investment than Barbeque Nation. However, COSMO FIRST is 1.28 times more volatile than Barbeque Nation Hospitality. It trades about 0.03 of its potential returns per unit of risk. Barbeque Nation Hospitality is currently generating about -0.05 per unit of risk. If you would invest 73,135 in COSMO FIRST LIMITED on September 29, 2024 and sell it today you would earn a total of 21,855 from holding COSMO FIRST LIMITED or generate 29.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.57% |
| Values | Daily Returns |
COSMO FIRST LIMITED vs. Barbeque Nation Hospitality
Performance |
| Timeline |
| COSMO FIRST LIMITED |
| Barbeque Nation Hosp |
COSMO FIRST and Barbeque Nation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COSMO FIRST and Barbeque Nation
The main advantage of trading using opposite COSMO FIRST and Barbeque Nation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSMO FIRST position performs unexpectedly, Barbeque Nation 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 Barbeque Nation will offset losses from the drop in Barbeque Nation's long position.| COSMO FIRST vs. NMDC Limited | COSMO FIRST vs. Steel Authority of | COSMO FIRST vs. Embassy Office Parks | COSMO FIRST vs. Gujarat Narmada Valley |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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