Correlation Between Brunswick and PACIFICORP
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By analyzing existing cross correlation between Brunswick and PACIFICORP 625 percent, you can compare the effects of market volatilities on Brunswick and PACIFICORP 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 Brunswick with a short position of PACIFICORP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brunswick and PACIFICORP.
Diversification Opportunities for Brunswick and PACIFICORP
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Brunswick and PACIFICORP is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Brunswick and PACIFICORP 625 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFICORP 625 percent and Brunswick 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 Brunswick are associated (or correlated) with PACIFICORP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFICORP 625 percent has no effect on the direction of Brunswick i.e., Brunswick and PACIFICORP go up and down completely randomly.
Pair Corralation between Brunswick and PACIFICORP
Allowing for the 90-day total investment horizon Brunswick is expected to generate 1.62 times more return on investment than PACIFICORP. However, Brunswick is 1.62 times more volatile than PACIFICORP 625 percent. It trades about 0.01 of its potential returns per unit of risk. PACIFICORP 625 percent is currently generating about 0.0 per unit of risk. If you would invest 8,244 in Brunswick on August 31, 2024 and sell it today you would lose (193.00) from holding Brunswick or give up 2.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.33% |
| Values | Daily Returns |
Brunswick vs. PACIFICORP 625 percent
Performance |
| Timeline |
| Brunswick |
| PACIFICORP 625 percent |
Brunswick and PACIFICORP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Brunswick and PACIFICORP
The main advantage of trading using opposite Brunswick and PACIFICORP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brunswick position performs unexpectedly, PACIFICORP 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 PACIFICORP will offset losses from the drop in PACIFICORP's long position.| Brunswick vs. MCBC Holdings | Brunswick vs. Marine Products | Brunswick vs. Winnebago Industries | Brunswick vs. LCI Industries |
| PACIFICORP vs. JD Sports Fashion | PACIFICORP vs. Brunswick | PACIFICORP vs. Triton International Limited | PACIFICORP vs. First Ship Lease |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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