Correlation Between BigBearai Holdings and NEWELL
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By analyzing existing cross correlation between BigBearai Holdings and NEWELL BRANDS INC, you can compare the effects of market volatilities on BigBearai Holdings and NEWELL 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 NEWELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and NEWELL.
Diversification Opportunities for BigBearai Holdings and NEWELL
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between BigBearai and NEWELL is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and NEWELL BRANDS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEWELL BRANDS INC 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 NEWELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEWELL BRANDS INC has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and NEWELL go up and down completely randomly.
Pair Corralation between BigBearai Holdings and NEWELL
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 5.88 times more return on investment than NEWELL. However, BigBearai Holdings is 5.88 times more volatile than NEWELL BRANDS INC. It trades about 0.25 of its potential returns per unit of risk. NEWELL BRANDS INC is currently generating about -0.02 per unit of risk. If you would invest 196.00 in BigBearai Holdings on September 12, 2024 and sell it today you would earn a total of 115.00 from holding BigBearai Holdings or generate 58.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 45.45% |
| Values | Daily Returns |
BigBearai Holdings vs. NEWELL BRANDS INC
Performance |
| Timeline |
| BigBearai Holdings |
| NEWELL BRANDS INC |
BigBearai Holdings and NEWELL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and NEWELL
The main advantage of trading using opposite BigBearai Holdings and NEWELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, NEWELL 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 NEWELL will offset losses from the drop in NEWELL's long position.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
| NEWELL vs. AEP TEX INC | NEWELL vs. US BANK NATIONAL | NEWELL vs. Applied Blockchain | NEWELL vs. BigBearai Holdings |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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