Correlation Between Lotus Eye and OnMobile Global
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By analyzing existing cross correlation between Lotus Eye Hospital and OnMobile Global Limited, you can compare the effects of market volatilities on Lotus Eye 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 Lotus Eye with a short position of OnMobile Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lotus Eye and OnMobile Global.
Diversification Opportunities for Lotus Eye and OnMobile Global
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Lotus and OnMobile is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Lotus Eye Hospital and OnMobile Global Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OnMobile Global and Lotus Eye 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 Lotus Eye Hospital 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 Lotus Eye i.e., Lotus Eye and OnMobile Global go up and down completely randomly.
Pair Corralation between Lotus Eye and OnMobile Global
Assuming the 90 days trading horizon Lotus Eye Hospital is expected to generate 0.93 times more return on investment than OnMobile Global. However, Lotus Eye Hospital is 1.07 times less risky than OnMobile Global. It trades about 0.03 of its potential returns per unit of risk. OnMobile Global Limited is currently generating about -0.01 per unit of risk. If you would invest 6,656 in Lotus Eye Hospital on September 21, 2024 and sell it today you would earn a total of 438.00 from holding Lotus Eye Hospital or generate 6.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lotus Eye Hospital vs. OnMobile Global Limited
Performance |
| Timeline |
| Lotus Eye Hospital |
| OnMobile Global |
Lotus Eye and OnMobile Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lotus Eye and OnMobile Global
The main advantage of trading using opposite Lotus Eye and OnMobile Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lotus Eye 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.| Lotus Eye vs. Reliance Industries Limited | Lotus Eye vs. Oil Natural Gas | Lotus Eye vs. ICICI Bank Limited | Lotus Eye vs. Bharti Airtel Limited |
| OnMobile Global vs. Aster DM Healthcare | OnMobile Global vs. Bajaj Healthcare Limited | OnMobile Global vs. Lotus Eye Hospital | OnMobile Global vs. Newgen Software Technologies |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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