Correlation Between Autonomix Medical, and Bristol-Myers Squibb
Can any of the company-specific risk be diversified away by investing in both Autonomix Medical, and Bristol-Myers Squibb 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 Autonomix Medical, and Bristol-Myers Squibb into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Autonomix Medical, Common and Bristol Myers Squibb, you can compare the effects of market volatilities on Autonomix Medical, and Bristol-Myers Squibb 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 Autonomix Medical, with a short position of Bristol-Myers Squibb. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autonomix Medical, and Bristol-Myers Squibb.
Diversification Opportunities for Autonomix Medical, and Bristol-Myers Squibb
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Autonomix and Bristol-Myers is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Autonomix Medical, Common and Bristol Myers Squibb in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bristol Myers Squibb and Autonomix Medical, 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 Autonomix Medical, Common are associated (or correlated) with Bristol-Myers Squibb. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bristol Myers Squibb has no effect on the direction of Autonomix Medical, i.e., Autonomix Medical, and Bristol-Myers Squibb go up and down completely randomly.
Pair Corralation between Autonomix Medical, and Bristol-Myers Squibb
Given the investment horizon of 90 days Autonomix Medical, Common is expected to under-perform the Bristol-Myers Squibb. In addition to that, Autonomix Medical, is 3.04 times more volatile than Bristol Myers Squibb. It trades about -0.05 of its total potential returns per unit of risk. Bristol Myers Squibb is currently generating about 0.01 per unit of volatility. If you would invest 113,483 in Bristol Myers Squibb on August 31, 2024 and sell it today you would lose (12,928) from holding Bristol Myers Squibb or give up 11.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.79% |
| Values | Daily Returns |
Autonomix Medical, Common vs. Bristol Myers Squibb
Performance |
| Timeline |
| Autonomix Medical, Common |
| Bristol Myers Squibb |
Autonomix Medical, and Bristol-Myers Squibb Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autonomix Medical, and Bristol-Myers Squibb
The main advantage of trading using opposite Autonomix Medical, and Bristol-Myers Squibb positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autonomix Medical, position performs unexpectedly, Bristol-Myers Squibb 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 Bristol-Myers Squibb will offset losses from the drop in Bristol-Myers Squibb's long position.| Autonomix Medical, vs. Iridium Communications | Autonomix Medical, vs. Playtika Holding Corp | Autonomix Medical, vs. ScanSource | Autonomix Medical, vs. IPG Photonics |
| Bristol-Myers Squibb vs. Novartis AG | Bristol-Myers Squibb vs. Bayer AG | Bristol-Myers Squibb vs. Astellas Pharma | Bristol-Myers Squibb vs. Roche Holding AG |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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