Correlation Between ACCSYS TECHPLC and Berkshire Hills
Can any of the company-specific risk be diversified away by investing in both ACCSYS TECHPLC and Berkshire Hills 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 ACCSYS TECHPLC and Berkshire Hills into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ACCSYS TECHPLC EO and Berkshire Hills Bancorp, you can compare the effects of market volatilities on ACCSYS TECHPLC and Berkshire Hills 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 ACCSYS TECHPLC with a short position of Berkshire Hills. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACCSYS TECHPLC and Berkshire Hills.
Diversification Opportunities for ACCSYS TECHPLC and Berkshire Hills
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ACCSYS and Berkshire is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding ACCSYS TECHPLC EO and Berkshire Hills Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Berkshire Hills Bancorp and ACCSYS TECHPLC 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 ACCSYS TECHPLC EO are associated (or correlated) with Berkshire Hills. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Berkshire Hills Bancorp has no effect on the direction of ACCSYS TECHPLC i.e., ACCSYS TECHPLC and Berkshire Hills go up and down completely randomly.
Pair Corralation between ACCSYS TECHPLC and Berkshire Hills
Assuming the 90 days horizon ACCSYS TECHPLC is expected to generate 8.47 times less return on investment than Berkshire Hills. But when comparing it to its historical volatility, ACCSYS TECHPLC EO is 1.46 times less risky than Berkshire Hills. It trades about 0.01 of its potential returns per unit of risk. Berkshire Hills Bancorp is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 2,782 in Berkshire Hills Bancorp on September 13, 2024 and sell it today you would earn a total of 138.00 from holding Berkshire Hills Bancorp or generate 4.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
ACCSYS TECHPLC EO vs. Berkshire Hills Bancorp
Performance |
| Timeline |
| ACCSYS TECHPLC EO |
| Berkshire Hills Bancorp |
ACCSYS TECHPLC and Berkshire Hills Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACCSYS TECHPLC and Berkshire Hills
The main advantage of trading using opposite ACCSYS TECHPLC and Berkshire Hills positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACCSYS TECHPLC position performs unexpectedly, Berkshire Hills 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 Berkshire Hills will offset losses from the drop in Berkshire Hills' long position.| ACCSYS TECHPLC vs. RETAIL FOOD GROUP | ACCSYS TECHPLC vs. ORMAT TECHNOLOGIES | ACCSYS TECHPLC vs. PKSHA TECHNOLOGY INC | ACCSYS TECHPLC vs. TRADEDOUBLER AB SK |
| Berkshire Hills vs. AEGEAN AIRLINES | Berkshire Hills vs. Vulcan Materials | Berkshire Hills vs. Singapore Airlines Limited | Berkshire Hills vs. GOODYEAR T RUBBER |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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