Correlation Between BigBearai Holdings and COMCAST
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By analyzing existing cross correlation between BigBearai Holdings and COMCAST P NEW, you can compare the effects of market volatilities on BigBearai Holdings and COMCAST 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 BigBearai Holdings with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and COMCAST.
Diversification Opportunities for BigBearai Holdings and COMCAST
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BigBearai and COMCAST is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW and BigBearai Holdings 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 BigBearai Holdings are associated (or correlated) with COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST P NEW has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and COMCAST go up and down completely randomly.
Pair Corralation between BigBearai Holdings and COMCAST
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 12.33 times less return on investment than COMCAST. But when comparing it to its historical volatility, BigBearai Holdings is 7.51 times less risky than COMCAST. It trades about 0.06 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 11,042 in COMCAST P NEW on September 14, 2024 and sell it today you would earn a total of 450.00 from holding COMCAST P NEW or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 53.13% |
| Values | Daily Returns |
BigBearai Holdings vs. COMCAST P NEW
Performance |
| Timeline |
| BigBearai Holdings |
| COMCAST P NEW |
BigBearai Holdings and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and COMCAST
The main advantage of trading using opposite BigBearai Holdings and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
| COMCAST vs. RBC Bearings Incorporated | COMCAST vs. Raytech Holding Limited | COMCAST vs. Lincoln Electric Holdings | COMCAST vs. Estee Lauder Companies |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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