Correlation Between Osia Hyper and Praxis Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Osia Hyper Retail and Praxis Home Retail, you can compare the effects of market volatilities on Osia Hyper and Praxis Home 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 Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osia Hyper and Praxis Home.
Diversification Opportunities for Osia Hyper and Praxis Home
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Osia and Praxis is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Osia Hyper Retail and Praxis Home Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Praxis Home Retail 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 Praxis Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Praxis Home Retail has no effect on the direction of Osia Hyper i.e., Osia Hyper and Praxis Home go up and down completely randomly.
Pair Corralation between Osia Hyper and Praxis Home
Assuming the 90 days trading horizon Osia Hyper Retail is expected to generate 0.97 times more return on investment than Praxis Home. However, Osia Hyper Retail is 1.03 times less risky than Praxis Home. It trades about -0.14 of its potential returns per unit of risk. Praxis Home Retail is currently generating about -0.2 per unit of risk. If you would invest 3,581 in Osia Hyper Retail on November 1, 2024 and sell it today you would lose (826.00) from holding Osia Hyper Retail or give up 23.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Osia Hyper Retail vs. Praxis Home Retail
Performance |
| Timeline |
| Osia Hyper Retail |
| Praxis Home Retail |
Osia Hyper and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osia Hyper and Praxis Home
The main advantage of trading using opposite Osia Hyper and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osia Hyper position performs unexpectedly, Praxis Home 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 Praxis Home will offset losses from the drop in Praxis Home's long position.| Osia Hyper vs. Punjab National Bank | Osia Hyper vs. Elin Electronics Limited | Osia Hyper vs. United Drilling Tools | Osia Hyper vs. Tamilnadu Telecommunication Limited |
| Praxis Home vs. LT Technology Services | Praxis Home vs. Sasken Technologies Limited | Praxis Home vs. Newgen Software Technologies | Praxis Home vs. Taj GVK Hotels |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |