Correlation Between BigBearai Holdings and PETROLEOS
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By analyzing existing cross correlation between BigBearai Holdings and PETROLEOS MEXICANOS 65, you can compare the effects of market volatilities on BigBearai Holdings and PETROLEOS 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 PETROLEOS. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and PETROLEOS.
Diversification Opportunities for BigBearai Holdings and PETROLEOS
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BigBearai and PETROLEOS is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and PETROLEOS MEXICANOS 65 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PETROLEOS MEXICANOS 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 PETROLEOS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PETROLEOS MEXICANOS has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and PETROLEOS go up and down completely randomly.
Pair Corralation between BigBearai Holdings and PETROLEOS
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 7.83 times more return on investment than PETROLEOS. However, BigBearai Holdings is 7.83 times more volatile than PETROLEOS MEXICANOS 65. It trades about 0.06 of its potential returns per unit of risk. PETROLEOS MEXICANOS 65 is currently generating about 0.01 per unit of risk. If you would invest 74.00 in BigBearai Holdings on September 12, 2024 and sell it today you would earn a total of 237.00 from holding BigBearai Holdings or generate 320.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.18% |
| Values | Daily Returns |
BigBearai Holdings vs. PETROLEOS MEXICANOS 65
Performance |
| Timeline |
| BigBearai Holdings |
| PETROLEOS MEXICANOS |
BigBearai Holdings and PETROLEOS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BigBearai Holdings and PETROLEOS
The main advantage of trading using opposite BigBearai Holdings and PETROLEOS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, PETROLEOS 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 PETROLEOS will offset losses from the drop in PETROLEOS's long position.| BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
| PETROLEOS vs. AEP TEX INC | PETROLEOS vs. US BANK NATIONAL | PETROLEOS vs. Applied Blockchain | PETROLEOS 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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