Correlation Between OnMobile Global and Electronics Mart
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By analyzing existing cross correlation between OnMobile Global Limited and Electronics Mart India, you can compare the effects of market volatilities on OnMobile Global and Electronics Mart 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 Electronics Mart. Check out your portfolio center. Please also check ongoing floating volatility patterns of OnMobile Global and Electronics Mart.
Diversification Opportunities for OnMobile Global and Electronics Mart
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between OnMobile and Electronics is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding OnMobile Global Limited and Electronics Mart India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Electronics Mart India 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 Electronics Mart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Electronics Mart India has no effect on the direction of OnMobile Global i.e., OnMobile Global and Electronics Mart go up and down completely randomly.
Pair Corralation between OnMobile Global and Electronics Mart
Assuming the 90 days trading horizon OnMobile Global Limited is expected to generate 1.16 times more return on investment than Electronics Mart. However, OnMobile Global is 1.16 times more volatile than Electronics Mart India. It trades about -0.16 of its potential returns per unit of risk. Electronics Mart India is currently generating about -0.24 per unit of risk. If you would invest 5,468 in OnMobile Global Limited on December 14, 2024 and sell it today you would lose (571.00) from holding OnMobile Global Limited or give up 10.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
OnMobile Global Limited vs. Electronics Mart India
Performance |
| Timeline |
| OnMobile Global |
| Electronics Mart India |
OnMobile Global and Electronics Mart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OnMobile Global and Electronics Mart
The main advantage of trading using opposite OnMobile Global and Electronics Mart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OnMobile Global position performs unexpectedly, Electronics Mart 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 Electronics Mart will offset losses from the drop in Electronics Mart's long position.| OnMobile Global vs. Embassy Office Parks | ||
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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