Correlation Between Kewal Kiran and Osia Hyper
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By analyzing existing cross correlation between Kewal Kiran Clothing and Osia Hyper Retail, you can compare the effects of market volatilities on Kewal Kiran 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 Kewal Kiran with a short position of Osia Hyper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kewal Kiran and Osia Hyper.
Diversification Opportunities for Kewal Kiran and Osia Hyper
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kewal and Osia is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Kewal Kiran Clothing 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 Kewal Kiran 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 Kewal Kiran Clothing 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 Kewal Kiran i.e., Kewal Kiran and Osia Hyper go up and down completely randomly.
Pair Corralation between Kewal Kiran and Osia Hyper
Assuming the 90 days trading horizon Kewal Kiran Clothing is expected to generate 0.43 times more return on investment than Osia Hyper. However, Kewal Kiran Clothing is 2.34 times less risky than Osia Hyper. It trades about -0.02 of its potential returns per unit of risk. Osia Hyper Retail is currently generating about -0.03 per unit of risk. If you would invest 63,700 in Kewal Kiran Clothing on September 2, 2024 and sell it today you would lose (510.00) from holding Kewal Kiran Clothing or give up 0.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kewal Kiran Clothing vs. Osia Hyper Retail
Performance |
| Timeline |
| Kewal Kiran Clothing |
| Osia Hyper Retail |
Kewal Kiran and Osia Hyper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kewal Kiran and Osia Hyper
The main advantage of trading using opposite Kewal Kiran and Osia Hyper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kewal Kiran 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.| Kewal Kiran vs. State Bank of | Kewal Kiran vs. Life Insurance | Kewal Kiran vs. HDFC Bank Limited | Kewal Kiran vs. ICICI Bank Limited |
| Osia Hyper vs. Kingfa Science Technology | Osia Hyper vs. Rico Auto Industries | Osia Hyper vs. GACM Technologies Limited | Osia Hyper vs. COSMO FIRST 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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