Correlation Between Where Food and Bausch
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By analyzing existing cross correlation between Where Food Comes and Bausch Health Companies, you can compare the effects of market volatilities on Where Food and Bausch 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 Where Food with a short position of Bausch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Where Food and Bausch.
Diversification Opportunities for Where Food and Bausch
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Where and Bausch is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Where Food Comes and Bausch Health Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bausch Health Companies and Where Food 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 Where Food Comes are associated (or correlated) with Bausch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bausch Health Companies has no effect on the direction of Where Food i.e., Where Food and Bausch go up and down completely randomly.
Pair Corralation between Where Food and Bausch
Given the investment horizon of 90 days Where Food Comes is expected to generate 1.93 times more return on investment than Bausch. However, Where Food is 1.93 times more volatile than Bausch Health Companies. It trades about 0.14 of its potential returns per unit of risk. Bausch Health Companies is currently generating about -0.06 per unit of risk. If you would invest 1,167 in Where Food Comes on September 24, 2024 and sell it today you would earn a total of 78.00 from holding Where Food Comes or generate 6.68% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 85.0% |
Values | Daily Returns |
Where Food Comes vs. Bausch Health Companies
Performance |
Timeline |
Where Food Comes |
Bausch Health Companies |
Where Food and Bausch Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Where Food and Bausch
The main advantage of trading using opposite Where Food and Bausch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Where Food position performs unexpectedly, Bausch 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 Bausch will offset losses from the drop in Bausch's long position.Where Food vs. Dubber Limited | Where Food vs. Advanced Health Intelligence | Where Food vs. Danavation Technologies Corp | Where Food vs. BASE Inc |
Bausch vs. Grupo Simec SAB | Bausch vs. Kaiser Aluminum | Bausch vs. Sapiens International | Bausch vs. Sanyo Special Steel |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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