Correlation Between EMBASSY OFFICE and OnMobile Global
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By analyzing existing cross correlation between EMBASSY OFFICE PARKS and OnMobile Global Limited, you can compare the effects of market volatilities on EMBASSY OFFICE and OnMobile Global 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 EMBASSY OFFICE with a short position of OnMobile Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of EMBASSY OFFICE and OnMobile Global.
Diversification Opportunities for EMBASSY OFFICE and OnMobile Global
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between EMBASSY and OnMobile is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding EMBASSY OFFICE PARKS and OnMobile Global Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OnMobile Global and EMBASSY 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 EMBASSY OFFICE PARKS are associated (or correlated) with OnMobile Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OnMobile Global has no effect on the direction of EMBASSY OFFICE i.e., EMBASSY OFFICE and OnMobile Global go up and down completely randomly.
Pair Corralation between EMBASSY OFFICE and OnMobile Global
Assuming the 90 days trading horizon EMBASSY OFFICE PARKS is expected to generate 0.23 times more return on investment than OnMobile Global. However, EMBASSY OFFICE PARKS is 4.44 times less risky than OnMobile Global. It trades about 0.15 of its potential returns per unit of risk. OnMobile Global Limited is currently generating about -0.06 per unit of risk. If you would invest 36,534 in EMBASSY OFFICE PARKS on October 24, 2024 and sell it today you would earn a total of 872.00 from holding EMBASSY OFFICE PARKS or generate 2.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EMBASSY OFFICE PARKS vs. OnMobile Global Limited
Performance |
| Timeline |
| EMBASSY OFFICE PARKS |
| OnMobile Global |
EMBASSY OFFICE and OnMobile Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EMBASSY OFFICE and OnMobile Global
The main advantage of trading using opposite EMBASSY OFFICE and OnMobile Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EMBASSY OFFICE position performs unexpectedly, OnMobile Global 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 OnMobile Global will offset losses from the drop in OnMobile Global's long position.| EMBASSY OFFICE vs. Hexa Tradex Limited | EMBASSY OFFICE vs. Industrial Investment Trust | EMBASSY OFFICE vs. NRB Industrial Bearings | EMBASSY OFFICE vs. Osia Hyper Retail |
| OnMobile Global vs. Foods Inns Limited | OnMobile Global vs. Modi Rubber Limited | OnMobile Global vs. Sapphire Foods India | OnMobile Global vs. EMBASSY OFFICE PARKS |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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