Correlation Between Cobas Global and BNY Mellon
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By analyzing existing cross correlation between Cobas Global PP and BNY Mellon Global, you can compare the effects of market volatilities on Cobas 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 Cobas Global with a short position of BNY Mellon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cobas Global and BNY Mellon.
Diversification Opportunities for Cobas Global and BNY Mellon
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Cobas and BNY is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Cobas Global PP 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 Cobas 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 Cobas Global PP 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 Cobas Global i.e., Cobas Global and BNY Mellon go up and down completely randomly.
Pair Corralation between Cobas Global and BNY Mellon
Assuming the 90 days trading horizon Cobas Global PP is expected to generate 207.09 times more return on investment than BNY Mellon. However, Cobas Global is 207.09 times more volatile than BNY Mellon Global. It trades about 0.08 of its potential returns per unit of risk. BNY Mellon Global is currently generating about 0.04 per unit of risk. If you would invest 9,730 in Cobas Global PP on September 14, 2024 and sell it today you would earn a total of 2,450 from holding Cobas Global PP or generate 25.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
Cobas Global PP vs. BNY Mellon Global
Performance |
| Timeline |
| Cobas Global PP |
| BNY Mellon Global |
Cobas Global and BNY Mellon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cobas Global and BNY Mellon
The main advantage of trading using opposite Cobas Global and BNY Mellon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cobas 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.| Cobas Global vs. Groupama Entreprises N | Cobas Global vs. Renaissance Europe C | Cobas Global vs. Superior Plus Corp | Cobas Global vs. Origin Agritech |
| 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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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