Correlation Between BigBearai Holdings and NUCOR
Specify exactly 2 symbols:
By analyzing existing cross correlation between BigBearai Holdings and NUCOR P 64, you can compare the effects of market volatilities on BigBearai Holdings and NUCOR 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 NUCOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and NUCOR.
Diversification Opportunities for BigBearai Holdings and NUCOR
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BigBearai and NUCOR is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and NUCOR P 64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NUCOR P 64 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 NUCOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NUCOR P 64 has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and NUCOR go up and down completely randomly.
Pair Corralation between BigBearai Holdings and NUCOR
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 3.08 times more return on investment than NUCOR. However, BigBearai Holdings is 3.08 times more volatile than NUCOR P 64. It trades about 0.25 of its potential returns per unit of risk. NUCOR P 64 is currently generating about 0.06 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 Against |
| Strength | Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
BigBearai Holdings vs. NUCOR P 64
Performance |
| Timeline |
| BigBearai Holdings |
| NUCOR P 64 |
BigBearai Holdings and NUCOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and NUCOR
The main advantage of trading using opposite BigBearai Holdings and NUCOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, NUCOR 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 NUCOR will offset losses from the drop in NUCOR's long position.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
| NUCOR vs. AEP TEX INC | NUCOR vs. US BANK NATIONAL | NUCOR vs. Applied Blockchain | NUCOR 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |