Correlation Between BigBearai Holdings and PARKER
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By analyzing existing cross correlation between BigBearai Holdings and PARKER HANNIFIN P MEDIUM, you can compare the effects of market volatilities on BigBearai Holdings and PARKER 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 PARKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and PARKER.
Diversification Opportunities for BigBearai Holdings and PARKER
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BigBearai and PARKER is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and PARKER HANNIFIN P MEDIUM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PARKER HANNIFIN P 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 PARKER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PARKER HANNIFIN P has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and PARKER go up and down completely randomly.
Pair Corralation between BigBearai Holdings and PARKER
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 11.92 times more return on investment than PARKER. However, BigBearai Holdings is 11.92 times more volatile than PARKER HANNIFIN P MEDIUM. It trades about 0.06 of its potential returns per unit of risk. PARKER HANNIFIN P MEDIUM is currently generating about 0.0 per unit of risk. If you would invest 249.00 in BigBearai Holdings on October 22, 2024 and sell it today you would earn a total of 143.00 from holding BigBearai Holdings or generate 57.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 78.95% |
| Values | Daily Returns |
BigBearai Holdings vs. PARKER HANNIFIN P MEDIUM
Performance |
| Timeline |
| BigBearai Holdings |
| PARKER HANNIFIN P |
BigBearai Holdings and PARKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and PARKER
The main advantage of trading using opposite BigBearai Holdings and PARKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, PARKER 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 PARKER will offset losses from the drop in PARKER's long position.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
| PARKER vs. RBC Bearings Incorporated | PARKER vs. Vita Coco | PARKER vs. MobileSmith | PARKER vs. Weyco Group |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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