Correlation Between Refex Industries and Osia Hyper
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By analyzing existing cross correlation between Refex Industries Limited and Osia Hyper Retail, you can compare the effects of market volatilities on Refex Industries and Osia Hyper 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 Refex Industries with a short position of Osia Hyper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Refex Industries and Osia Hyper.
Diversification Opportunities for Refex Industries and Osia Hyper
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Refex and Osia is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Refex Industries Limited and Osia Hyper Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osia Hyper Retail and Refex Industries 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 Refex Industries Limited are associated (or correlated) with Osia Hyper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osia Hyper Retail has no effect on the direction of Refex Industries i.e., Refex Industries and Osia Hyper go up and down completely randomly.
Pair Corralation between Refex Industries and Osia Hyper
Assuming the 90 days trading horizon Refex Industries Limited is expected to generate 1.02 times more return on investment than Osia Hyper. However, Refex Industries is 1.02 times more volatile than Osia Hyper Retail. It trades about 0.03 of its potential returns per unit of risk. Osia Hyper Retail is currently generating about -0.24 per unit of risk. If you would invest 47,300 in Refex Industries Limited on September 24, 2024 and sell it today you would earn a total of 1,590 from holding Refex Industries Limited or generate 3.36% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Refex Industries Limited vs. Osia Hyper Retail
Performance |
Timeline |
Refex Industries |
Osia Hyper Retail |
Refex Industries and Osia Hyper Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Refex Industries and Osia Hyper
The main advantage of trading using opposite Refex Industries and Osia Hyper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Refex Industries position performs unexpectedly, Osia Hyper 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 Osia Hyper will offset losses from the drop in Osia Hyper's long position.Refex Industries vs. Digjam Limited | Refex Industries vs. Gujarat Raffia Industries | Refex Industries vs. Xelpmoc Design And | Refex Industries vs. Dynamatic Technologies Limited |
Osia Hyper vs. Melstar Information Technologies | Osia Hyper vs. Consolidated Construction Consortium | Osia Hyper vs. Biofil Chemicals Pharmaceuticals | Osia Hyper vs. Refex Industries 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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