Correlation Between Barings Global and BNY Mellon
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By analyzing existing cross correlation between Barings Global Umbrella and BNY Mellon Global, you can compare the effects of market volatilities on Barings Global and BNY Mellon 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 Barings Global with a short position of BNY Mellon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barings Global and BNY Mellon.
Diversification Opportunities for Barings Global and BNY Mellon
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Barings and BNY is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Barings Global Umbrella and BNY Mellon Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BNY Mellon Global and Barings Global 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 Barings Global Umbrella are associated (or correlated) with BNY Mellon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BNY Mellon Global has no effect on the direction of Barings Global i.e., Barings Global and BNY Mellon go up and down completely randomly.
Pair Corralation between Barings Global and BNY Mellon
Assuming the 90 days trading horizon Barings Global is expected to generate 1.06 times less return on investment than BNY Mellon. In addition to that, Barings Global is 1.16 times more volatile than BNY Mellon Global. It trades about 0.12 of its total potential returns per unit of risk. BNY Mellon Global is currently generating about 0.15 per unit of volatility. If you would invest 165.00 in BNY Mellon Global on September 14, 2024 and sell it today you would earn a total of 2.00 from holding BNY Mellon Global or generate 1.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Barings Global Umbrella vs. BNY Mellon Global
Performance |
| Timeline |
| Barings Global Umbrella |
| BNY Mellon Global |
Barings Global and BNY Mellon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barings Global and BNY Mellon
The main advantage of trading using opposite Barings Global and BNY Mellon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barings Global position performs unexpectedly, BNY Mellon 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 BNY Mellon will offset losses from the drop in BNY Mellon's long position.| Barings Global vs. Azvalor Global Value | Barings Global vs. JPM Global Natural | Barings Global vs. Cobas Global PP | Barings Global vs. Aberdeen Global Asian |
| BNY Mellon vs. Lord Abbett Short | BNY Mellon vs. R co Valor F | BNY Mellon vs. Barings Global Umbrella | BNY Mellon vs. iShares Equity Enhanced |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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