Correlation Between Hyatt Hotels and Yatra Online
Can any of the company-specific risk be diversified away by investing in both Hyatt Hotels and Yatra Online at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Hyatt Hotels and Yatra Online into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hyatt Hotels and Yatra Online, you can compare the effects of market volatilities on Hyatt Hotels and Yatra Online 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 Hyatt Hotels with a short position of Yatra Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hyatt Hotels and Yatra Online.
Diversification Opportunities for Hyatt Hotels and Yatra Online
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hyatt and Yatra is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Hyatt Hotels and Yatra Online in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yatra Online and Hyatt Hotels 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 Hyatt Hotels are associated (or correlated) with Yatra Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yatra Online has no effect on the direction of Hyatt Hotels i.e., Hyatt Hotels and Yatra Online go up and down completely randomly.
Pair Corralation between Hyatt Hotels and Yatra Online
Taking into account the 90-day investment horizon Hyatt Hotels is expected to generate 0.52 times more return on investment than Yatra Online. However, Hyatt Hotels is 1.91 times less risky than Yatra Online. It trades about 0.05 of its potential returns per unit of risk. Yatra Online is currently generating about 0.0 per unit of risk. If you would invest 13,001 in Hyatt Hotels on September 14, 2024 and sell it today you would earn a total of 2,860 from holding Hyatt Hotels or generate 22.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hyatt Hotels vs. Yatra Online
Performance |
| Timeline |
| Hyatt Hotels |
| Yatra Online |
Hyatt Hotels and Yatra Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hyatt Hotels and Yatra Online
The main advantage of trading using opposite Hyatt Hotels and Yatra Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hyatt Hotels position performs unexpectedly, Yatra Online 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 Yatra Online will offset losses from the drop in Yatra Online's long position.| Hyatt Hotels vs. Yatra Online | Hyatt Hotels vs. Mondee Holdings | Hyatt Hotels vs. MakeMyTrip Limited | Hyatt Hotels vs. Tuniu Corp |
| Yatra Online vs. Despegar Corp | Yatra Online vs. Lindblad Expeditions Holdings | Yatra Online vs. Mondee Holdings | Yatra Online vs. Trip Group Ltd |
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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