Correlation Between Armada Hflr and BHCCN
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By analyzing existing cross correlation between Armada Hflr Pr and BHCCN 14 15 OCT 30, you can compare the effects of market volatilities on Armada Hflr and BHCCN 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 Armada Hflr with a short position of BHCCN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and BHCCN.
Diversification Opportunities for Armada Hflr and BHCCN
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Armada and BHCCN is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and BHCCN 14 15 OCT 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BHCCN 14 15 and Armada Hflr 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 Armada Hflr Pr are associated (or correlated) with BHCCN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BHCCN 14 15 has no effect on the direction of Armada Hflr i.e., Armada Hflr and BHCCN go up and down completely randomly.
Pair Corralation between Armada Hflr and BHCCN
Considering the 90-day investment horizon Armada Hflr Pr is expected to under-perform the BHCCN. But the stock apears to be less risky and, when comparing its historical volatility, Armada Hflr Pr is 1.6 times less risky than BHCCN. The stock trades about -0.01 of its potential returns per unit of risk. The BHCCN 14 15 OCT 30 is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 6,403 in BHCCN 14 15 OCT 30 on September 24, 2024 and sell it today you would earn a total of 1,465 from holding BHCCN 14 15 OCT 30 or generate 22.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 48.16% |
Values | Daily Returns |
Armada Hflr Pr vs. BHCCN 14 15 OCT 30
Performance |
Timeline |
Armada Hflr Pr |
BHCCN 14 15 |
Armada Hflr and BHCCN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Armada Hflr and BHCCN
The main advantage of trading using opposite Armada Hflr and BHCCN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, BHCCN 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 BHCCN will offset losses from the drop in BHCCN's long position.Armada Hflr vs. Modiv Inc | Armada Hflr vs. Precinct Properties New | Armada Hflr vs. Global Net Lease | Armada Hflr vs. NexPoint Diversified Real |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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