Correlation Between Star Petroleum and Bhiraj Office
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By analyzing existing cross correlation between Star Petroleum Refining and Bhiraj Office Leasehold, you can compare the effects of market volatilities on Star Petroleum and Bhiraj Office 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 Star Petroleum with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of Star Petroleum and Bhiraj Office.
Diversification Opportunities for Star Petroleum and Bhiraj Office
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Star and Bhiraj is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Star Petroleum Refining and Bhiraj Office Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bhiraj Office Leasehold and Star Petroleum 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 Star Petroleum Refining are associated (or correlated) with Bhiraj Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bhiraj Office Leasehold has no effect on the direction of Star Petroleum i.e., Star Petroleum and Bhiraj Office go up and down completely randomly.
Pair Corralation between Star Petroleum and Bhiraj Office
Assuming the 90 days trading horizon Star Petroleum Refining is expected to generate 64.37 times more return on investment than Bhiraj Office. However, Star Petroleum is 64.37 times more volatile than Bhiraj Office Leasehold. It trades about 0.06 of its potential returns per unit of risk. Bhiraj Office Leasehold is currently generating about -0.04 per unit of risk. If you would invest 1,159 in Star Petroleum Refining on September 3, 2024 and sell it today you would lose (484.00) from holding Star Petroleum Refining or give up 41.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.34% |
| Values | Daily Returns |
Star Petroleum Refining vs. Bhiraj Office Leasehold
Performance |
| Timeline |
| Star Petroleum Refining |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Bhiraj Office Leasehold |
Star Petroleum and Bhiraj Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Star Petroleum and Bhiraj Office
The main advantage of trading using opposite Star Petroleum and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Star Petroleum position performs unexpectedly, Bhiraj Office 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 Bhiraj Office will offset losses from the drop in Bhiraj Office's long position.| Star Petroleum vs. Bhiraj Office Leasehold | Star Petroleum vs. CENTRAL RETAIL P | Star Petroleum vs. Premier Marketing Public | Star Petroleum vs. Bualuang Office Leasehold |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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