Correlation Between Global Health and Omkar Speciality
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By analyzing existing cross correlation between Global Health Limited and Omkar Speciality Chemicals, you can compare the effects of market volatilities on Global Health and Omkar Speciality 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 Global Health with a short position of Omkar Speciality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Health and Omkar Speciality.
Diversification Opportunities for Global Health and Omkar Speciality
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Global and Omkar is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Global Health Limited and Omkar Speciality Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omkar Speciality Che and Global Health 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 Global Health Limited are associated (or correlated) with Omkar Speciality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omkar Speciality Che has no effect on the direction of Global Health i.e., Global Health and Omkar Speciality go up and down completely randomly.
Pair Corralation between Global Health and Omkar Speciality
Assuming the 90 days trading horizon Global Health Limited is expected to under-perform the Omkar Speciality. But the stock apears to be less risky and, when comparing its historical volatility, Global Health Limited is 2.57 times less risky than Omkar Speciality. The stock trades about -0.17 of its potential returns per unit of risk. The Omkar Speciality Chemicals is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 833.00 in Omkar Speciality Chemicals on October 12, 2024 and sell it today you would earn a total of 118.00 from holding Omkar Speciality Chemicals or generate 14.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Global Health Limited vs. Omkar Speciality Chemicals
Performance |
| Timeline |
| Global Health Limited |
| Omkar Speciality Che |
Global Health and Omkar Speciality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Health and Omkar Speciality
The main advantage of trading using opposite Global Health and Omkar Speciality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Health position performs unexpectedly, Omkar Speciality 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 Omkar Speciality will offset losses from the drop in Omkar Speciality's long position.| Global Health vs. Le Travenues Technology | Global Health vs. Arrow Greentech Limited | Global Health vs. The Indian Hotels | Global Health vs. Viceroy Hotels 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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