Correlation Between OnMobile Global and Bikaji Foods
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By analyzing existing cross correlation between OnMobile Global Limited and Bikaji Foods International, you can compare the effects of market volatilities on OnMobile Global and Bikaji Foods 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 OnMobile Global with a short position of Bikaji Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of OnMobile Global and Bikaji Foods.
Diversification Opportunities for OnMobile Global and Bikaji Foods
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between OnMobile and Bikaji is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding OnMobile Global Limited and Bikaji Foods International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bikaji Foods Interna and OnMobile Global 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 OnMobile Global Limited are associated (or correlated) with Bikaji Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bikaji Foods Interna has no effect on the direction of OnMobile Global i.e., OnMobile Global and Bikaji Foods go up and down completely randomly.
Pair Corralation between OnMobile Global and Bikaji Foods
Assuming the 90 days trading horizon OnMobile Global Limited is expected to under-perform the Bikaji Foods. In addition to that, OnMobile Global is 1.63 times more volatile than Bikaji Foods International. It trades about -0.12 of its total potential returns per unit of risk. Bikaji Foods International is currently generating about -0.18 per unit of volatility. If you would invest 74,760 in Bikaji Foods International on November 2, 2024 and sell it today you would lose (6,220) from holding Bikaji Foods International or give up 8.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
OnMobile Global Limited vs. Bikaji Foods International
Performance |
| Timeline |
| OnMobile Global |
| Bikaji Foods Interna |
OnMobile Global and Bikaji Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OnMobile Global and Bikaji Foods
The main advantage of trading using opposite OnMobile Global and Bikaji Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OnMobile Global position performs unexpectedly, Bikaji Foods 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 Bikaji Foods will offset losses from the drop in Bikaji Foods' long position.| OnMobile Global vs. DMCC SPECIALITY CHEMICALS | OnMobile Global vs. Dharani SugarsChemicals Limited | OnMobile Global vs. Elin Electronics Limited | OnMobile Global vs. Welspun Investments and |
| Bikaji Foods vs. Sarveshwar Foods Limited | Bikaji Foods vs. Eros International Media | Bikaji Foods vs. Agro Tech Foods | Bikaji Foods vs. FCS Software Solutions |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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