Correlation Analysis Between ZMMR and Oil Refineries

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

ZMMR  
00

Risk-Adjusted Performance

Over the last 30 days ZMMR has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, ZMMR 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.

ZMMR and Oil Refineries Volatility Contrast

ZMMR  vs.  Oil Refineries Ltd

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  0.00  in ZMMR on April 22, 2019 and sell it today you would earn a total of  0.00  from holding ZMMR or generate 0.0% return on investment over 30 days.

Pair Corralation between ZMMR and Oil Refineries

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy3.33%
ValuesDaily Returns

Diversification Opportunities for ZMMR and Oil Refineries

ZMMR diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding ZMMR and Oil Refineries Ltd in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Oil Refineries and ZMMR 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 ZMMR 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 ZMMR i.e. ZMMR and Oil Refineries go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.


 
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