Correlation Between Eros International and Osia Hyper
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By analyzing existing cross correlation between Eros International Media and Osia Hyper Retail, you can compare the effects of market volatilities on Eros International and Osia Hyper 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 Eros International with a short position of Osia Hyper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eros International and Osia Hyper.
Diversification Opportunities for Eros International and Osia Hyper
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Eros and Osia is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Eros International Media and Osia Hyper Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osia Hyper Retail and Eros International 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 Eros International Media are associated (or correlated) with Osia Hyper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osia Hyper Retail has no effect on the direction of Eros International i.e., Eros International and Osia Hyper go up and down completely randomly.
Pair Corralation between Eros International and Osia Hyper
Assuming the 90 days trading horizon Eros International Media is expected to under-perform the Osia Hyper. But the stock apears to be less risky and, when comparing its historical volatility, Eros International Media is 1.18 times less risky than Osia Hyper. The stock trades about -0.33 of its potential returns per unit of risk. The Osia Hyper Retail is currently generating about -0.22 of returns per unit of risk over similar time horizon. If you would invest 3,478 in Osia Hyper Retail on October 30, 2024 and sell it today you would lose (676.00) from holding Osia Hyper Retail or give up 19.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eros International Media vs. Osia Hyper Retail
Performance |
| Timeline |
| Eros International Media |
| Osia Hyper Retail |
Eros International and Osia Hyper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eros International and Osia Hyper
The main advantage of trading using opposite Eros International and Osia Hyper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eros International position performs unexpectedly, Osia Hyper 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 Osia Hyper will offset losses from the drop in Osia Hyper's long position.| Eros International vs. State Bank of | Eros International vs. Reliance Industries Limited | Eros International vs. HDFC Bank Limited | Eros International vs. Tata Motors Limited |
| Osia Hyper vs. EMBASSY OFFICE PARKS | Osia Hyper vs. HDFC Asset Management | Osia Hyper vs. Home First Finance | Osia Hyper vs. Reliance Home Finance |
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