Correlation Between Tomra Systems and Blackstone Loan
Can any of the company-specific risk be diversified away by investing in both Tomra Systems and Blackstone Loan at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Tomra Systems and Blackstone Loan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tomra Systems ASA and Blackstone Loan Financing, you can compare the effects of market volatilities on Tomra Systems and Blackstone Loan 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 Tomra Systems with a short position of Blackstone Loan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tomra Systems and Blackstone Loan.
Diversification Opportunities for Tomra Systems and Blackstone Loan
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tomra and Blackstone is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tomra Systems ASA and Blackstone Loan Financing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackstone Loan Financing and Tomra Systems 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 Tomra Systems ASA are associated (or correlated) with Blackstone Loan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackstone Loan Financing has no effect on the direction of Tomra Systems i.e., Tomra Systems and Blackstone Loan go up and down completely randomly.
Pair Corralation between Tomra Systems and Blackstone Loan
If you would invest 5,546 in Blackstone Loan Financing on September 13, 2024 and sell it today you would earn a total of 854.00 from holding Blackstone Loan Financing or generate 15.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.79% |
| Values | Daily Returns |
Tomra Systems ASA vs. Blackstone Loan Financing
Performance |
| Timeline |
| Tomra Systems ASA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Blackstone Loan Financing |
Tomra Systems and Blackstone Loan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tomra Systems and Blackstone Loan
The main advantage of trading using opposite Tomra Systems and Blackstone Loan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tomra Systems position performs unexpectedly, Blackstone Loan 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 Blackstone Loan will offset losses from the drop in Blackstone Loan's long position.| Tomra Systems vs. Associated British Foods | Tomra Systems vs. Fonix Mobile plc | Tomra Systems vs. Bloomsbury Publishing Plc | Tomra Systems vs. Tyson Foods Cl |
| Blackstone Loan vs. Ion Beam Applications | Blackstone Loan vs. Extra Space Storage | Blackstone Loan vs. Cars Inc | Blackstone Loan vs. European Metals Holdings |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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