Correlation Between Juniper Hotels and Orient Technologies
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By analyzing existing cross correlation between Juniper Hotels and Orient Technologies Limited, you can compare the effects of market volatilities on Juniper Hotels and Orient Technologies 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 Juniper Hotels with a short position of Orient Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Orient Technologies.
Diversification Opportunities for Juniper Hotels and Orient Technologies
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juniper and Orient is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Orient Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orient Technologies and Juniper 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 Juniper Hotels are associated (or correlated) with Orient Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orient Technologies has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Orient Technologies go up and down completely randomly.
Pair Corralation between Juniper Hotels and Orient Technologies
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Orient Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Juniper Hotels is 2.27 times less risky than Orient Technologies. The stock trades about -0.27 of its potential returns per unit of risk. The Orient Technologies Limited is currently generating about 0.38 of returns per unit of risk over similar time horizon. If you would invest 42,810 in Orient Technologies Limited on October 14, 2024 and sell it today you would earn a total of 16,965 from holding Orient Technologies Limited or generate 39.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juniper Hotels vs. Orient Technologies Limited
Performance |
| Timeline |
| Juniper Hotels |
| Orient Technologies |
Juniper Hotels and Orient Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Orient Technologies
The main advantage of trading using opposite Juniper Hotels and Orient Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Orient Technologies 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 Orient Technologies will offset losses from the drop in Orient Technologies' long position.| Juniper Hotels vs. Mahamaya Steel Industries | Juniper Hotels vs. JSW Steel Limited | Juniper Hotels vs. Transport of | Juniper Hotels vs. Usha Martin Education |
| Orient Technologies vs. DiGiSPICE Technologies Limited | Orient Technologies vs. Praxis Home Retail | Orient Technologies vs. Juniper Hotels | Orient Technologies vs. Oriental Hotels 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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