Correlation Between OnMobile Global and Computer Age
Specify exactly 2 symbols:
By analyzing existing cross correlation between OnMobile Global Limited and Computer Age Management, you can compare the effects of market volatilities on OnMobile Global and Computer Age 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 Computer Age. Check out your portfolio center. Please also check ongoing floating volatility patterns of OnMobile Global and Computer Age.
Diversification Opportunities for OnMobile Global and Computer Age
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between OnMobile and Computer is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding OnMobile Global Limited and Computer Age Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Computer Age Management 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 Computer Age. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Computer Age Management has no effect on the direction of OnMobile Global i.e., OnMobile Global and Computer Age go up and down completely randomly.
Pair Corralation between OnMobile Global and Computer Age
Assuming the 90 days trading horizon OnMobile Global Limited is expected to under-perform the Computer Age. In addition to that, OnMobile Global is 1.21 times more volatile than Computer Age Management. It trades about -0.05 of its total potential returns per unit of risk. Computer Age Management is currently generating about 0.32 per unit of volatility. If you would invest 436,817 in Computer Age Management on August 31, 2024 and sell it today you would earn a total of 56,023 from holding Computer Age Management or generate 12.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OnMobile Global Limited vs. Computer Age Management
Performance |
| Timeline |
| OnMobile Global |
| Computer Age Management |
OnMobile Global and Computer Age Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OnMobile Global and Computer Age
The main advantage of trading using opposite OnMobile Global and Computer Age positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OnMobile Global position performs unexpectedly, Computer Age 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 Computer Age will offset losses from the drop in Computer Age's long position.| OnMobile Global vs. Kingfa Science Technology | OnMobile Global vs. Garware Hi Tech Films | OnMobile Global vs. DiGiSPICE Technologies Limited | OnMobile Global vs. California Software |
| Computer Age vs. ideaForge Technology Limited | Computer Age vs. Yatra Online Limited | Computer Age vs. FCS Software Solutions | Computer Age vs. Selan Exploration Technology |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |