Correlation Between Brenmiller Energy and RAYTHEON
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By analyzing existing cross correlation between Brenmiller Energy Ltd and RAYTHEON TECHNOLOGIES PORATION, you can compare the effects of market volatilities on Brenmiller Energy and RAYTHEON 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 Brenmiller Energy with a short position of RAYTHEON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brenmiller Energy and RAYTHEON.
Diversification Opportunities for Brenmiller Energy and RAYTHEON
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Brenmiller and RAYTHEON is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Brenmiller Energy Ltd and RAYTHEON TECHNOLOGIES PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RAYTHEON TECHNOLOGIES and Brenmiller Energy 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 Brenmiller Energy Ltd are associated (or correlated) with RAYTHEON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RAYTHEON TECHNOLOGIES has no effect on the direction of Brenmiller Energy i.e., Brenmiller Energy and RAYTHEON go up and down completely randomly.
Pair Corralation between Brenmiller Energy and RAYTHEON
Given the investment horizon of 90 days Brenmiller Energy Ltd is expected to generate 10.42 times more return on investment than RAYTHEON. However, Brenmiller Energy is 10.42 times more volatile than RAYTHEON TECHNOLOGIES PORATION. It trades about 0.03 of its potential returns per unit of risk. RAYTHEON TECHNOLOGIES PORATION is currently generating about 0.05 per unit of risk. If you would invest 90.00 in Brenmiller Energy Ltd on September 24, 2024 and sell it today you would lose (14.70) from holding Brenmiller Energy Ltd or give up 16.33% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 88.98% |
Values | Daily Returns |
Brenmiller Energy Ltd vs. RAYTHEON TECHNOLOGIES PORATION
Performance |
Timeline |
Brenmiller Energy |
RAYTHEON TECHNOLOGIES |
Brenmiller Energy and RAYTHEON Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Brenmiller Energy and RAYTHEON
The main advantage of trading using opposite Brenmiller Energy and RAYTHEON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brenmiller Energy position performs unexpectedly, RAYTHEON 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 RAYTHEON will offset losses from the drop in RAYTHEON's long position.Brenmiller Energy vs. Verde Clean Fuels | Brenmiller Energy vs. Smart Powerr Corp | Brenmiller Energy vs. Ormat Technologies | Brenmiller Energy vs. Tokyo Electric Power |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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