Correlation Between Oil Natural and IIFL Securities
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By analyzing existing cross correlation between Oil Natural Gas and IIFL Securities Limited, you can compare the effects of market volatilities on Oil Natural and IIFL Securities 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 Oil Natural with a short position of IIFL Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oil Natural and IIFL Securities.
Diversification Opportunities for Oil Natural and IIFL Securities
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oil and IIFL is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Oil Natural Gas and IIFL Securities Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IIFL Securities and Oil Natural 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 Oil Natural Gas are associated (or correlated) with IIFL Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IIFL Securities has no effect on the direction of Oil Natural i.e., Oil Natural and IIFL Securities go up and down completely randomly.
Pair Corralation between Oil Natural and IIFL Securities
Assuming the 90 days trading horizon Oil Natural Gas is expected to generate 0.51 times more return on investment than IIFL Securities. However, Oil Natural Gas is 1.98 times less risky than IIFL Securities. It trades about -0.03 of its potential returns per unit of risk. IIFL Securities Limited is currently generating about -0.1 per unit of risk. If you would invest 25,539 in Oil Natural Gas on August 31, 2024 and sell it today you would lose (319.00) from holding Oil Natural Gas or give up 1.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oil Natural Gas vs. IIFL Securities Limited
Performance |
| Timeline |
| Oil Natural Gas |
| IIFL Securities |
Oil Natural and IIFL Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oil Natural and IIFL Securities
The main advantage of trading using opposite Oil Natural and IIFL Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oil Natural position performs unexpectedly, IIFL Securities 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 IIFL Securities will offset losses from the drop in IIFL Securities' long position.| Oil Natural vs. ILFS Investment Managers | Oil Natural vs. Metalyst Forgings Limited | Oil Natural vs. Hilton Metal Forging | Oil Natural vs. Hindustan Copper Limited |
| IIFL Securities vs. ICICI Securities Limited | IIFL Securities vs. Nippon Life India | IIFL Securities vs. Fortis Healthcare Limited | IIFL Securities vs. ICICI Lombard General |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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