Correlation Between Indian Oil and OnMobile Global
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By analyzing existing cross correlation between Indian Oil and OnMobile Global Limited, you can compare the effects of market volatilities on Indian Oil 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 Indian Oil with a short position of OnMobile Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Indian Oil and OnMobile Global.
Diversification Opportunities for Indian Oil and OnMobile Global
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Indian and OnMobile is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Indian Oil and OnMobile Global Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OnMobile Global and Indian Oil 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 Indian Oil 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 Indian Oil i.e., Indian Oil and OnMobile Global go up and down completely randomly.
Pair Corralation between Indian Oil and OnMobile Global
Assuming the 90 days trading horizon Indian Oil is expected to under-perform the OnMobile Global. But the stock apears to be less risky and, when comparing its historical volatility, Indian Oil is 1.68 times less risky than OnMobile Global. The stock trades about -0.06 of its potential returns per unit of risk. The OnMobile Global Limited is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 6,965 in OnMobile Global Limited on December 4, 2024 and sell it today you would lose (2,126) from holding OnMobile Global Limited or give up 30.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.59% |
| Values | Daily Returns |
Indian Oil vs. OnMobile Global Limited
Performance |
| Timeline |
| Indian Oil |
| OnMobile Global |
Indian Oil and OnMobile Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Indian Oil and OnMobile Global
The main advantage of trading using opposite Indian Oil and OnMobile Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Indian Oil 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.| Indian Oil vs. ITCHOTELS | Indian Oil vs. SINCLAIRS HOTELS ORD | Indian Oil vs. Silver Touch Technologies | Indian Oil vs. DiGiSPICE Technologies Limited |
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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