Correlation Between Osia Hyper and Bajaj Healthcare
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By analyzing existing cross correlation between Osia Hyper Retail and Bajaj Healthcare Limited, you can compare the effects of market volatilities on Osia Hyper and Bajaj Healthcare 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 Bajaj Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osia Hyper and Bajaj Healthcare.
Diversification Opportunities for Osia Hyper and Bajaj Healthcare
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Osia and Bajaj is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Osia Hyper Retail and Bajaj Healthcare Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bajaj Healthcare 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 Bajaj Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bajaj Healthcare has no effect on the direction of Osia Hyper i.e., Osia Hyper and Bajaj Healthcare go up and down completely randomly.
Pair Corralation between Osia Hyper and Bajaj Healthcare
Assuming the 90 days trading horizon Osia Hyper is expected to generate 1.5 times less return on investment than Bajaj Healthcare. In addition to that, Osia Hyper is 1.02 times more volatile than Bajaj Healthcare Limited. It trades about 0.02 of its total potential returns per unit of risk. Bajaj Healthcare Limited is currently generating about 0.03 per unit of volatility. If you would invest 43,281 in Bajaj Healthcare Limited on September 26, 2024 and sell it today you would earn a total of 13,449 from holding Bajaj Healthcare Limited or generate 31.07% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Osia Hyper Retail vs. Bajaj Healthcare Limited
Performance |
Timeline |
Osia Hyper Retail |
Bajaj Healthcare |
Osia Hyper and Bajaj Healthcare Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Osia Hyper and Bajaj Healthcare
The main advantage of trading using opposite Osia Hyper and Bajaj Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osia Hyper position performs unexpectedly, Bajaj Healthcare 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 Bajaj Healthcare will offset losses from the drop in Bajaj Healthcare's long position.Osia Hyper vs. Thirumalai Chemicals Limited | Osia Hyper vs. Gujarat Fluorochemicals Limited | Osia Hyper vs. AVALON TECHNOLOGIES LTD | Osia Hyper vs. Oriental Carbon Chemicals |
Bajaj Healthcare vs. Shivalik Bimetal Controls | Bajaj Healthcare vs. V Mart Retail Limited | Bajaj Healthcare vs. Osia Hyper Retail | Bajaj Healthcare vs. Cholamandalam Investment and |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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