Correlation Between Thunder Bridge and RAYTHEON
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By analyzing existing cross correlation between Thunder Bridge Capital and RAYTHEON TECHNOLOGIES PORATION, you can compare the effects of market volatilities on Thunder Bridge 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 Thunder Bridge with a short position of RAYTHEON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thunder Bridge and RAYTHEON.
Diversification Opportunities for Thunder Bridge and RAYTHEON
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Thunder and RAYTHEON is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Thunder Bridge Capital and RAYTHEON TECHNOLOGIES PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RAYTHEON TECHNOLOGIES and Thunder Bridge 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 Thunder Bridge Capital 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 Thunder Bridge i.e., Thunder Bridge and RAYTHEON go up and down completely randomly.
Pair Corralation between Thunder Bridge and RAYTHEON
Given the investment horizon of 90 days Thunder Bridge Capital is expected to generate 1.57 times more return on investment than RAYTHEON. However, Thunder Bridge is 1.57 times more volatile than RAYTHEON TECHNOLOGIES PORATION. It trades about 0.12 of its potential returns per unit of risk. RAYTHEON TECHNOLOGIES PORATION is currently generating about -0.02 per unit of risk. If you would invest 1,052 in Thunder Bridge Capital on September 24, 2024 and sell it today you would earn a total of 172.00 from holding Thunder Bridge Capital or generate 16.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 94.92% |
Values | Daily Returns |
Thunder Bridge Capital vs. RAYTHEON TECHNOLOGIES PORATION
Performance |
Timeline |
Thunder Bridge Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
RAYTHEON TECHNOLOGIES |
Thunder Bridge and RAYTHEON Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Thunder Bridge and RAYTHEON
The main advantage of trading using opposite Thunder Bridge and RAYTHEON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thunder Bridge 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.Thunder Bridge vs. Four Leaf Acquisition | Thunder Bridge vs. WinVest Acquisition Corp | Thunder Bridge vs. SK Growth Opportunities | Thunder Bridge vs. Pearl Holdings Acquisition |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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