Correlation Between Oriental Hotels and ROUTE MOBILE
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By analyzing existing cross correlation between Oriental Hotels Limited and ROUTE MOBILE LIMITED, you can compare the effects of market volatilities on Oriental Hotels and ROUTE 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 Oriental Hotels with a short position of ROUTE MOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oriental Hotels and ROUTE MOBILE.
Diversification Opportunities for Oriental Hotels and ROUTE MOBILE
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Oriental and ROUTE is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Oriental Hotels Limited and ROUTE MOBILE LIMITED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ROUTE MOBILE LIMITED and Oriental Hotels 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 Oriental Hotels Limited are associated (or correlated) with ROUTE MOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ROUTE MOBILE LIMITED has no effect on the direction of Oriental Hotels i.e., Oriental Hotels and ROUTE MOBILE go up and down completely randomly.
Pair Corralation between Oriental Hotels and ROUTE MOBILE
Assuming the 90 days trading horizon Oriental Hotels Limited is expected to generate 1.37 times more return on investment than ROUTE MOBILE. However, Oriental Hotels is 1.37 times more volatile than ROUTE MOBILE LIMITED. It trades about 0.06 of its potential returns per unit of risk. ROUTE MOBILE LIMITED is currently generating about -0.03 per unit of risk. If you would invest 12,241 in Oriental Hotels Limited on October 16, 2024 and sell it today you would earn a total of 4,646 from holding Oriental Hotels Limited or generate 37.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oriental Hotels Limited vs. ROUTE MOBILE LIMITED
Performance |
| Timeline |
| Oriental Hotels |
| ROUTE MOBILE LIMITED |
Oriental Hotels and ROUTE MOBILE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oriental Hotels and ROUTE MOBILE
The main advantage of trading using opposite Oriental Hotels and ROUTE MOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oriental Hotels position performs unexpectedly, ROUTE 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 ROUTE MOBILE will offset losses from the drop in ROUTE MOBILE's long position.| Oriental Hotels vs. Cholamandalam Investment and | Oriental Hotels vs. V Mart Retail Limited | Oriental Hotels vs. Bajaj Holdings Investment | Oriental Hotels vs. Embassy Office Parks |
| ROUTE MOBILE vs. Asian Hotels Limited | ROUTE MOBILE vs. One 97 Communications | ROUTE MOBILE vs. Oriental Hotels Limited | ROUTE MOBILE vs. Bigbloc Construction Limited |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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