Correlation Between Bluerock Homes and PhenomeX
Can any of the company-specific risk be diversified away by investing in both Bluerock Homes and PhenomeX 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 Bluerock Homes and PhenomeX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bluerock Homes Trust and PhenomeX, you can compare the effects of market volatilities on Bluerock Homes and PhenomeX 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 Bluerock Homes with a short position of PhenomeX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bluerock Homes and PhenomeX.
Diversification Opportunities for Bluerock Homes and PhenomeX
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bluerock and PhenomeX is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Bluerock Homes Trust and PhenomeX in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PhenomeX and Bluerock Homes 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 Bluerock Homes Trust are associated (or correlated) with PhenomeX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PhenomeX has no effect on the direction of Bluerock Homes i.e., Bluerock Homes and PhenomeX go up and down completely randomly.
Pair Corralation between Bluerock Homes and PhenomeX
If you would invest 60.00 in PhenomeX on September 13, 2024 and sell it today you would earn a total of 0.00 from holding PhenomeX or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Bluerock Homes Trust vs. PhenomeX
Performance |
| Timeline |
| Bluerock Homes Trust |
| PhenomeX |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bluerock Homes and PhenomeX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bluerock Homes and PhenomeX
The main advantage of trading using opposite Bluerock Homes and PhenomeX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bluerock Homes position performs unexpectedly, PhenomeX 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 PhenomeX will offset losses from the drop in PhenomeX's long position.| Bluerock Homes vs. Nexpoint Residential Trust | Bluerock Homes vs. Clipper Realty | Bluerock Homes vs. Centerspace | Bluerock Homes vs. Equity Lifestyle Properties |
| PhenomeX vs. Summit Hotel Properties | PhenomeX vs. Flexible Solutions International | PhenomeX vs. Small Cap Premium | PhenomeX vs. Bluerock Homes Trust |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |