Correlation Between Bausch Lomb and SUMITR
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By analyzing existing cross correlation between Bausch Lomb Corp and SUMITR 255 10 MAR 25, you can compare the effects of market volatilities on Bausch Lomb and SUMITR 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 SUMITR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bausch Lomb and SUMITR.
Diversification Opportunities for Bausch Lomb and SUMITR
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bausch and SUMITR is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Lomb Corp and SUMITR 255 10 MAR 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMITR 255 10 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 SUMITR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMITR 255 10 has no effect on the direction of Bausch Lomb i.e., Bausch Lomb and SUMITR go up and down completely randomly.
Pair Corralation between Bausch Lomb and SUMITR
Given the investment horizon of 90 days Bausch Lomb Corp is expected to generate 5.53 times more return on investment than SUMITR. However, Bausch Lomb is 5.53 times more volatile than SUMITR 255 10 MAR 25. It trades about 0.03 of its potential returns per unit of risk. SUMITR 255 10 MAR 25 is currently generating about 0.02 per unit of risk. If you would invest 1,536 in Bausch Lomb Corp on September 2, 2024 and sell it today you would earn a total of 446.00 from holding Bausch Lomb Corp or generate 29.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 22.18% |
| Values | Daily Returns |
Bausch Lomb Corp vs. SUMITR 255 10 MAR 25
Performance |
| Timeline |
| Bausch Lomb Corp |
| SUMITR 255 10 |
Bausch Lomb and SUMITR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bausch Lomb and SUMITR
The main advantage of trading using opposite Bausch Lomb and SUMITR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bausch Lomb position performs unexpectedly, SUMITR 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 SUMITR will offset losses from the drop in SUMITR's long position.| Bausch Lomb vs. The Cooper Companies, | Bausch Lomb vs. ICU Medical | Bausch Lomb vs. Hologic | Bausch Lomb vs. Becton Dickinson and |
| SUMITR vs. Franklin Wireless Corp | SUMITR vs. Hudson Pacific Properties | SUMITR vs. Old Republic International | SUMITR vs. Femasys |
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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