Correlation Between Oriental Hotels and Yatra Online
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By analyzing existing cross correlation between Oriental Hotels Limited and Yatra Online Limited, you can compare the effects of market volatilities on Oriental Hotels and Yatra Online 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 Yatra Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oriental Hotels and Yatra Online.
Diversification Opportunities for Oriental Hotels and Yatra Online
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oriental and Yatra is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Oriental Hotels Limited and Yatra Online Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yatra Online 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 Yatra Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yatra Online Limited has no effect on the direction of Oriental Hotels i.e., Oriental Hotels and Yatra Online go up and down completely randomly.
Pair Corralation between Oriental Hotels and Yatra Online
Assuming the 90 days trading horizon Oriental Hotels Limited is expected to generate 1.2 times more return on investment than Yatra Online. However, Oriental Hotels is 1.2 times more volatile than Yatra Online Limited. It trades about 0.09 of its potential returns per unit of risk. Yatra Online Limited is currently generating about -0.03 per unit of risk. If you would invest 6,985 in Oriental Hotels Limited on September 3, 2024 and sell it today you would earn a total of 11,270 from holding Oriental Hotels Limited or generate 161.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 62.23% |
| Values | Daily Returns |
Oriental Hotels Limited vs. Yatra Online Limited
Performance |
| Timeline |
| Oriental Hotels |
| Yatra Online Limited |
Oriental Hotels and Yatra Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oriental Hotels and Yatra Online
The main advantage of trading using opposite Oriental Hotels and Yatra Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oriental Hotels position performs unexpectedly, Yatra Online 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 Yatra Online will offset losses from the drop in Yatra Online's long position.| Oriental Hotels vs. Shyam Telecom Limited | Oriental Hotels vs. Modi Rubber Limited | Oriental Hotels vs. One 97 Communications | Oriental Hotels vs. Dhunseri Investments Limited |
| Yatra Online vs. Network18 Media Investments | Yatra Online vs. Eros International Media | Yatra Online vs. Archean Chemical Industries | Yatra Online vs. Silly Monks Entertainment |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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