Correlation Between Oasis Hotel and Nano Mobile
Can any of the company-specific risk be diversified away by investing in both Oasis Hotel and Nano Mobile at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Oasis Hotel and Nano Mobile into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oasis Hotel Resort and Nano Mobile Healthcare, you can compare the effects of market volatilities on Oasis Hotel and Nano Mobile 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 Oasis Hotel with a short position of Nano Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oasis Hotel and Nano Mobile.
Diversification Opportunities for Oasis Hotel and Nano Mobile
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oasis and Nano is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oasis Hotel Resort and Nano Mobile Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nano Mobile Healthcare and Oasis Hotel 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 Oasis Hotel Resort are associated (or correlated) with Nano Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nano Mobile Healthcare has no effect on the direction of Oasis Hotel i.e., Oasis Hotel and Nano Mobile go up and down completely randomly.
Pair Corralation between Oasis Hotel and Nano Mobile
If you would invest 0.03 in Nano Mobile Healthcare on September 2, 2024 and sell it today you would lose (0.01) from holding Nano Mobile Healthcare or give up 33.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oasis Hotel Resort vs. Nano Mobile Healthcare
Performance |
| Timeline |
| Oasis Hotel Resort |
| Nano Mobile Healthcare |
Oasis Hotel and Nano Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oasis Hotel and Nano Mobile
The main advantage of trading using opposite Oasis Hotel and Nano Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oasis Hotel position performs unexpectedly, Nano Mobile 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 Nano Mobile will offset losses from the drop in Nano Mobile's long position.| Oasis Hotel vs. Sonida Senior Living | Oasis Hotel vs. Microbot Medical | Oasis Hotel vs. Kaltura | Oasis Hotel vs. Viemed Healthcare |
| Nano Mobile vs. HE Equipment Services | Nano Mobile vs. Fortress Transp Infra | Nano Mobile vs. 51Talk Online Education | Nano Mobile vs. Universal Technical Institute |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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