Correlation Between Bausch Lomb and MUTHIN
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By analyzing existing cross correlation between Bausch Lomb Corp and MUTHIN 7125 percent, you can compare the effects of market volatilities on Bausch Lomb and MUTHIN 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 MUTHIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bausch Lomb and MUTHIN.
Diversification Opportunities for Bausch Lomb and MUTHIN
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bausch and MUTHIN is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Lomb Corp and MUTHIN 7125 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUTHIN 7125 percent 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 MUTHIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUTHIN 7125 percent has no effect on the direction of Bausch Lomb i.e., Bausch Lomb and MUTHIN go up and down completely randomly.
Pair Corralation between Bausch Lomb and MUTHIN
Given the investment horizon of 90 days Bausch Lomb Corp is expected to generate 9.31 times more return on investment than MUTHIN. However, Bausch Lomb is 9.31 times more volatile than MUTHIN 7125 percent. It trades about -0.07 of its potential returns per unit of risk. MUTHIN 7125 percent is currently generating about -0.77 per unit of risk. If you would invest 2,037 in Bausch Lomb Corp on August 29, 2024 and sell it today you would lose (62.00) from holding Bausch Lomb Corp or give up 3.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 30.43% |
| Values | Daily Returns |
Bausch Lomb Corp vs. MUTHIN 7125 percent
Performance |
| Timeline |
| Bausch Lomb Corp |
| MUTHIN 7125 percent |
Bausch Lomb and MUTHIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bausch Lomb and MUTHIN
The main advantage of trading using opposite Bausch Lomb and MUTHIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bausch Lomb position performs unexpectedly, MUTHIN 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 MUTHIN will offset losses from the drop in MUTHIN's long position.| Bausch Lomb vs. Femasys | Bausch Lomb vs. Sharps Technology Warrant | Bausch Lomb vs. GlucoTrack | Bausch Lomb vs. Walt Disney |
| MUTHIN vs. Perseus Mining Limited | MUTHIN vs. Getty Images Holdings | MUTHIN vs. Nextplat Corp | MUTHIN vs. Harmony Gold Mining |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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