Correlation Between Blue Coast and ITCHOTELS
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By analyzing existing cross correlation between Blue Coast Hotels and ITCHOTELS, you can compare the effects of market volatilities on Blue Coast and ITCHOTELS 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 Blue Coast with a short position of ITCHOTELS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Coast and ITCHOTELS.
Diversification Opportunities for Blue Coast and ITCHOTELS
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Blue and ITCHOTELS is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Blue Coast Hotels and ITCHOTELS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ITCHOTELS and Blue Coast 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 Blue Coast Hotels are associated (or correlated) with ITCHOTELS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ITCHOTELS has no effect on the direction of Blue Coast i.e., Blue Coast and ITCHOTELS go up and down completely randomly.
Pair Corralation between Blue Coast and ITCHOTELS
Assuming the 90 days trading horizon Blue Coast Hotels is expected to under-perform the ITCHOTELS. In addition to that, Blue Coast is 2.95 times more volatile than ITCHOTELS. It trades about -0.2 of its total potential returns per unit of risk. ITCHOTELS is currently generating about -0.19 per unit of volatility. If you would invest 24,025 in ITCHOTELS on September 6, 2025 and sell it today you would lose (3,434) from holding ITCHOTELS or give up 14.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Coast Hotels vs. ITCHOTELS
Performance |
| Timeline |
| Blue Coast Hotels |
| ITCHOTELS |
Blue Coast and ITCHOTELS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Coast and ITCHOTELS
The main advantage of trading using opposite Blue Coast and ITCHOTELS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Coast position performs unexpectedly, ITCHOTELS 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 ITCHOTELS will offset losses from the drop in ITCHOTELS's long position.| Blue Coast vs. Reliance Industries Limited | Blue Coast vs. Oil Natural Gas | Blue Coast vs. Tata Motors Limited | Blue Coast vs. Infosys Limited |
| ITCHOTELS vs. Tata Communications Limited | ITCHOTELS vs. Electronics Mart India | ITCHOTELS vs. Oriental Hotels Limited | ITCHOTELS vs. Chalet Hotels 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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