Correlation Between Bullfrog and Veeva Systems
Can any of the company-specific risk be diversified away by investing in both Bullfrog and Veeva Systems at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bullfrog and Veeva Systems into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bullfrog AI Holdings, and Veeva Systems Class, you can compare the effects of market volatilities on Bullfrog and Veeva Systems 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 Bullfrog with a short position of Veeva Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bullfrog and Veeva Systems.
Diversification Opportunities for Bullfrog and Veeva Systems
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bullfrog and Veeva is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Bullfrog AI Holdings, and Veeva Systems Class in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Veeva Systems Class and Bullfrog 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 Bullfrog AI Holdings, are associated (or correlated) with Veeva Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Veeva Systems Class has no effect on the direction of Bullfrog i.e., Bullfrog and Veeva Systems go up and down completely randomly.
Pair Corralation between Bullfrog and Veeva Systems
Given the investment horizon of 90 days Bullfrog AI Holdings, is expected to generate 7.61 times more return on investment than Veeva Systems. However, Bullfrog is 7.61 times more volatile than Veeva Systems Class. It trades about 0.12 of its potential returns per unit of risk. Veeva Systems Class is currently generating about -0.08 per unit of risk. If you would invest 226.00 in Bullfrog AI Holdings, on November 29, 2024 and sell it today you would earn a total of 36.00 from holding Bullfrog AI Holdings, or generate 15.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bullfrog AI Holdings, vs. Veeva Systems Class
Performance |
| Timeline |
| Bullfrog AI Holdings, |
| Veeva Systems Class |
Bullfrog and Veeva Systems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bullfrog and Veeva Systems
The main advantage of trading using opposite Bullfrog and Veeva Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bullfrog position performs unexpectedly, Veeva Systems 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 Veeva Systems will offset losses from the drop in Veeva Systems' long position.| Bullfrog vs. Healthcare Triangle | Bullfrog vs. EUDA Health Holdings | Bullfrog vs. Mangoceuticals, Common Stock | Bullfrog vs. FOXO Technologies |
| Veeva Systems vs. Progyny | Veeva Systems vs. Teladoc | Veeva Systems vs. Goodrx Holdings | Veeva Systems vs. 10X Genomics |
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.
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