Correlation Analysis Between TBNIT 91 and Oil Refineries

This module allows you to analyze existing cross correlation between TBNIT-91 and Oil Refineries Ltd. You can compare the effects of market volatilities on TBNIT 91 and Oil Refineries 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 TBNIT 91 with a short position of Oil Refineries. See also your portfolio center. Please also check ongoing floating volatility patterns of TBNIT 91 and Oil Refineries.
Horizon     30 Days    Login   to change
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Comparative Performance

TBNIT-91  
00

Risk-Adjusted Performance

Over the last 30 days TBNIT-91 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, TBNIT 91 is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Oil Refineries  
00

Risk-Adjusted Performance

Over the last 30 days Oil Refineries Ltd has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Oil Refineries is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

TBNIT 91 and Oil Refineries Volatility Contrast

TBNIT-91  vs.  Oil Refineries Ltd

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  0.00  in TBNIT-91 on April 24, 2019 and sell it today you would earn a total of  0.00  from holding TBNIT-91 or generate 0.0% return on investment over 30 days.

Pair Corralation between TBNIT 91 and Oil Refineries

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy3.23%
ValuesDaily Returns

Diversification Opportunities for TBNIT 91 and Oil Refineries

TBNIT-91 diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding TBNIT-91 and Oil Refineries Ltd in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Oil Refineries and TBNIT 91 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 TBNIT-91 are associated (or correlated) with Oil Refineries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oil Refineries has no effect on the direction of TBNIT 91 i.e. TBNIT 91 and Oil Refineries go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.


 
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