Correlation Between Osia Hyper and Electronics Mart
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By analyzing existing cross correlation between Osia Hyper Retail and Electronics Mart India, you can compare the effects of market volatilities on Osia Hyper 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 Osia Hyper with a short position of Electronics Mart. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osia Hyper and Electronics Mart.
Diversification Opportunities for Osia Hyper and Electronics Mart
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Osia and Electronics is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Osia Hyper Retail 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 Osia Hyper 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 Osia Hyper Retail 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 Osia Hyper i.e., Osia Hyper and Electronics Mart go up and down completely randomly.
Pair Corralation between Osia Hyper and Electronics Mart
Assuming the 90 days trading horizon Osia Hyper Retail is expected to generate 0.97 times more return on investment than Electronics Mart. However, Osia Hyper Retail is 1.03 times less risky than Electronics Mart. It trades about 0.02 of its potential returns per unit of risk. Electronics Mart India is currently generating about -0.1 per unit of risk. If you would invest 3,443 in Osia Hyper Retail on September 2, 2024 and sell it today you would earn a total of 35.00 from holding Osia Hyper Retail or generate 1.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Osia Hyper Retail vs. Electronics Mart India
Performance |
| Timeline |
| Osia Hyper Retail |
| Electronics Mart India |
Osia Hyper and Electronics Mart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osia Hyper and Electronics Mart
The main advantage of trading using opposite Osia Hyper and Electronics Mart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osia Hyper 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.| Osia Hyper vs. Kingfa Science Technology | Osia Hyper vs. Rico Auto Industries | Osia Hyper vs. GACM Technologies Limited | Osia Hyper vs. COSMO FIRST LIMITED |
| Electronics Mart vs. Vodafone Idea Limited | Electronics Mart vs. Yes Bank Limited | Electronics Mart vs. Indian Overseas Bank | Electronics Mart vs. Indian Oil |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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