Correlation Between BROADWIND ENRGY and Berkshire Hathaway
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By analyzing existing cross correlation between BROADWIND ENRGY and Berkshire Hathaway, you can compare the effects of market volatilities on BROADWIND ENRGY and Berkshire Hathaway 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 BROADWIND ENRGY with a short position of Berkshire Hathaway. Check out your portfolio center. Please also check ongoing floating volatility patterns of BROADWIND ENRGY and Berkshire Hathaway.
Diversification Opportunities for BROADWIND ENRGY and Berkshire Hathaway
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BROADWIND and Berkshire is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding BROADWIND ENRGY and Berkshire Hathaway in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Berkshire Hathaway and BROADWIND ENRGY 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 BROADWIND ENRGY are associated (or correlated) with Berkshire Hathaway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Berkshire Hathaway has no effect on the direction of BROADWIND ENRGY i.e., BROADWIND ENRGY and Berkshire Hathaway go up and down completely randomly.
Pair Corralation between BROADWIND ENRGY and Berkshire Hathaway
Assuming the 90 days trading horizon BROADWIND ENRGY is expected to generate 4.56 times more return on investment than Berkshire Hathaway. However, BROADWIND ENRGY is 4.56 times more volatile than Berkshire Hathaway. It trades about 0.13 of its potential returns per unit of risk. Berkshire Hathaway is currently generating about -0.11 per unit of risk. If you would invest 168.00 in BROADWIND ENRGY on October 14, 2024 and sell it today you would earn a total of 12.00 from holding BROADWIND ENRGY or generate 7.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BROADWIND ENRGY vs. Berkshire Hathaway
Performance |
| Timeline |
| BROADWIND ENRGY |
| Berkshire Hathaway |
BROADWIND ENRGY and Berkshire Hathaway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BROADWIND ENRGY and Berkshire Hathaway
The main advantage of trading using opposite BROADWIND ENRGY and Berkshire Hathaway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BROADWIND ENRGY position performs unexpectedly, Berkshire Hathaway 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 Hathaway will offset losses from the drop in Berkshire Hathaway's long position.| BROADWIND ENRGY vs. SPORTING | BROADWIND ENRGY vs. ANTA SPORTS PRODUCT | BROADWIND ENRGY vs. Columbia Sportswear | BROADWIND ENRGY vs. INTERSHOP Communications Aktiengesellschaft |
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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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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