Correlation Between ICICI Bank and Osia Hyper
Specify exactly 2 symbols:
By analyzing existing cross correlation between ICICI Bank Limited and Osia Hyper Retail, you can compare the effects of market volatilities on ICICI Bank 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 ICICI Bank with a short position of Osia Hyper. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICICI Bank and Osia Hyper.
Diversification Opportunities for ICICI Bank and Osia Hyper
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between ICICI and Osia is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding ICICI Bank Limited 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 ICICI Bank 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 ICICI Bank Limited 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 ICICI Bank i.e., ICICI Bank and Osia Hyper go up and down completely randomly.
Pair Corralation between ICICI Bank and Osia Hyper
Assuming the 90 days trading horizon ICICI Bank Limited is expected to generate 0.41 times more return on investment than Osia Hyper. However, ICICI Bank Limited is 2.43 times less risky than Osia Hyper. It trades about -0.1 of its potential returns per unit of risk. Osia Hyper Retail is currently generating about -0.19 per unit of risk. If you would invest 133,165 in ICICI Bank Limited on August 30, 2024 and sell it today you would lose (3,095) from holding ICICI Bank Limited or give up 2.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
ICICI Bank Limited vs. Osia Hyper Retail
Performance |
| Timeline |
| ICICI Bank Limited |
| Osia Hyper Retail |
ICICI Bank and Osia Hyper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICICI Bank and Osia Hyper
The main advantage of trading using opposite ICICI Bank and Osia Hyper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICICI Bank 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.| ICICI Bank vs. Computer Age Management | ICICI Bank vs. FCS Software Solutions | ICICI Bank vs. Parag Milk Foods | ICICI Bank vs. Hindustan Foods Limited |
| Osia Hyper vs. Reliance Industries Limited | Osia Hyper vs. Oil Natural Gas | Osia Hyper vs. ICICI Bank Limited | Osia Hyper vs. Bharti Airtel Limited |
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.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |