Correlation Between BigBearai Holdings and JOHNSON
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By analyzing existing cross correlation between BigBearai Holdings and JOHNSON JOHNSON 485, you can compare the effects of market volatilities on BigBearai Holdings and JOHNSON 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 JOHNSON. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and JOHNSON.
Diversification Opportunities for BigBearai Holdings and JOHNSON
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between BigBearai and JOHNSON is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and JOHNSON JOHNSON 485 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JOHNSON JOHNSON 485 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 JOHNSON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JOHNSON JOHNSON 485 has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and JOHNSON go up and down completely randomly.
Pair Corralation between BigBearai Holdings and JOHNSON
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 6.29 times more return on investment than JOHNSON. However, BigBearai Holdings is 6.29 times more volatile than JOHNSON JOHNSON 485. It trades about 0.05 of its potential returns per unit of risk. JOHNSON JOHNSON 485 is currently generating about -0.01 per unit of risk. If you would invest 189.00 in BigBearai Holdings on September 12, 2024 and sell it today you would earn a total of 122.00 from holding BigBearai Holdings or generate 64.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 83.24% |
| Values | Daily Returns |
BigBearai Holdings vs. JOHNSON JOHNSON 485
Performance |
| Timeline |
| BigBearai Holdings |
| JOHNSON JOHNSON 485 |
BigBearai Holdings and JOHNSON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and JOHNSON
The main advantage of trading using opposite BigBearai Holdings and JOHNSON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, JOHNSON 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 JOHNSON will offset losses from the drop in JOHNSON's long position.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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