Correlation Between Bausch Lomb and 053332BD3
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By analyzing existing cross correlation between Bausch Lomb Corp and AZO 475 01 FEB 33, you can compare the effects of market volatilities on Bausch Lomb and 053332BD3 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 Bausch Lomb with a short position of 053332BD3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bausch Lomb and 053332BD3.
Diversification Opportunities for Bausch Lomb and 053332BD3
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bausch and 053332BD3 is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Lomb Corp and AZO 475 01 FEB 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AZO 475 01 and Bausch Lomb 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 Bausch Lomb Corp are associated (or correlated) with 053332BD3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AZO 475 01 has no effect on the direction of Bausch Lomb i.e., Bausch Lomb and 053332BD3 go up and down completely randomly.
Pair Corralation between Bausch Lomb and 053332BD3
Given the investment horizon of 90 days Bausch Lomb Corp is expected to under-perform the 053332BD3. In addition to that, Bausch Lomb is 1.59 times more volatile than AZO 475 01 FEB 33. It trades about -0.06 of its total potential returns per unit of risk. AZO 475 01 FEB 33 is currently generating about 0.0 per unit of volatility. If you would invest 9,721 in AZO 475 01 FEB 33 on September 4, 2024 and sell it today you would lose (13.00) from holding AZO 475 01 FEB 33 or give up 0.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Bausch Lomb Corp vs. AZO 475 01 FEB 33
Performance |
| Timeline |
| Bausch Lomb Corp |
| AZO 475 01 |
Bausch Lomb and 053332BD3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bausch Lomb and 053332BD3
The main advantage of trading using opposite Bausch Lomb and 053332BD3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bausch Lomb position performs unexpectedly, 053332BD3 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 053332BD3 will offset losses from the drop in 053332BD3's long position.| Bausch Lomb vs. The Cooper Companies, | Bausch Lomb vs. ICU Medical | Bausch Lomb vs. Hologic | Bausch Lomb vs. Becton Dickinson and |
| 053332BD3 vs. National CineMedia | 053332BD3 vs. Bluerock Homes Trust | 053332BD3 vs. Papaya Growth Opportunity | 053332BD3 vs. KVH Industries |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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