Correlation Between Osia Hyper and Kewal Kiran
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By analyzing existing cross correlation between Osia Hyper Retail and Kewal Kiran Clothing, you can compare the effects of market volatilities on Osia Hyper and Kewal Kiran 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 Kewal Kiran. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osia Hyper and Kewal Kiran.
Diversification Opportunities for Osia Hyper and Kewal Kiran
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Osia and Kewal is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Osia Hyper Retail and Kewal Kiran Clothing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kewal Kiran Clothing 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 Kewal Kiran. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kewal Kiran Clothing has no effect on the direction of Osia Hyper i.e., Osia Hyper and Kewal Kiran go up and down completely randomly.
Pair Corralation between Osia Hyper and Kewal Kiran
Assuming the 90 days trading horizon Osia Hyper Retail is expected to generate 1.59 times more return on investment than Kewal Kiran. However, Osia Hyper is 1.59 times more volatile than Kewal Kiran Clothing. It trades about 0.03 of its potential returns per unit of risk. Kewal Kiran Clothing is currently generating about 0.03 per unit of risk. If you would invest 2,876 in Osia Hyper Retail on September 2, 2024 and sell it today you would earn a total of 602.00 from holding Osia Hyper Retail or generate 20.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.59% |
| Values | Daily Returns |
Osia Hyper Retail vs. Kewal Kiran Clothing
Performance |
| Timeline |
| Osia Hyper Retail |
| Kewal Kiran Clothing |
Osia Hyper and Kewal Kiran Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osia Hyper and Kewal Kiran
The main advantage of trading using opposite Osia Hyper and Kewal Kiran positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osia Hyper position performs unexpectedly, Kewal Kiran 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 Kewal Kiran will offset losses from the drop in Kewal Kiran'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 |
| Kewal Kiran vs. State Bank of | Kewal Kiran vs. Life Insurance | Kewal Kiran vs. HDFC Bank Limited | Kewal Kiran vs. ICICI Bank 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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