Correlation Between Orient Technologies and Baazar Style
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By analyzing existing cross correlation between Orient Technologies Limited and Baazar Style Retail, you can compare the effects of market volatilities on Orient Technologies and Baazar Style 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 Orient Technologies with a short position of Baazar Style. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orient Technologies and Baazar Style.
Diversification Opportunities for Orient Technologies and Baazar Style
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Orient and Baazar is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Orient Technologies Limited and Baazar Style Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baazar Style Retail and Orient Technologies 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 Orient Technologies Limited are associated (or correlated) with Baazar Style. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baazar Style Retail has no effect on the direction of Orient Technologies i.e., Orient Technologies and Baazar Style go up and down completely randomly.
Pair Corralation between Orient Technologies and Baazar Style
Assuming the 90 days trading horizon Orient Technologies Limited is expected to generate 1.19 times more return on investment than Baazar Style. However, Orient Technologies is 1.19 times more volatile than Baazar Style Retail. It trades about 0.14 of its potential returns per unit of risk. Baazar Style Retail is currently generating about 0.01 per unit of risk. If you would invest 39,540 in Orient Technologies Limited on September 25, 2024 and sell it today you would earn a total of 3,520 from holding Orient Technologies Limited or generate 8.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Orient Technologies Limited vs. Baazar Style Retail
Performance |
| Timeline |
| Orient Technologies |
| Baazar Style Retail |
Orient Technologies and Baazar Style Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orient Technologies and Baazar Style
The main advantage of trading using opposite Orient Technologies and Baazar Style positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orient Technologies position performs unexpectedly, Baazar Style 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 Baazar Style will offset losses from the drop in Baazar Style's long position.| Orient Technologies vs. Repco Home Finance | Orient Technologies vs. Aban Offshore Limited | Orient Technologies vs. Vraj Iron and | Orient Technologies vs. United Drilling Tools |
| Baazar Style vs. Trent Limited | Baazar Style vs. V2 Retail Limited | Baazar Style vs. Credo Brands Marketing | Baazar Style vs. Summit Securities 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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