Correlation Between Indian Oil and Ganesh Housing
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By analyzing existing cross correlation between Indian Oil and Ganesh Housing, you can compare the effects of market volatilities on Indian Oil and Ganesh Housing 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 Indian Oil with a short position of Ganesh Housing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Indian Oil and Ganesh Housing.
Diversification Opportunities for Indian Oil and Ganesh Housing
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Indian and Ganesh is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Indian Oil and Ganesh Housing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ganesh Housing and Indian Oil 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 Indian Oil are associated (or correlated) with Ganesh Housing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ganesh Housing has no effect on the direction of Indian Oil i.e., Indian Oil and Ganesh Housing go up and down completely randomly.
Pair Corralation between Indian Oil and Ganesh Housing
Assuming the 90 days trading horizon Indian Oil is expected to under-perform the Ganesh Housing. But the stock apears to be less risky and, when comparing its historical volatility, Indian Oil is 1.84 times less risky than Ganesh Housing. The stock trades about -0.19 of its potential returns per unit of risk. The Ganesh Housing is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 83,610 in Ganesh Housing on September 26, 2024 and sell it today you would earn a total of 31,710 from holding Ganesh Housing or generate 37.93% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 98.39% |
Values | Daily Returns |
Indian Oil vs. Ganesh Housing
Performance |
Timeline |
Indian Oil |
Ganesh Housing |
Indian Oil and Ganesh Housing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Indian Oil and Ganesh Housing
The main advantage of trading using opposite Indian Oil and Ganesh Housing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Indian Oil position performs unexpectedly, Ganesh Housing 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 Ganesh Housing will offset losses from the drop in Ganesh Housing's long position.Indian Oil vs. Lakshmi Finance Industrial | Indian Oil vs. Hilton Metal Forging | Indian Oil vs. Pritish Nandy Communications | Indian Oil vs. Hisar Metal Industries |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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