Correlation Between Berkeley Lights and Mattel
Can any of the company-specific risk be diversified away by investing in both Berkeley Lights and Mattel 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 Berkeley Lights and Mattel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Berkeley Lights and Mattel Inc, you can compare the effects of market volatilities on Berkeley Lights and Mattel 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 Berkeley Lights with a short position of Mattel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Berkeley Lights and Mattel.
Diversification Opportunities for Berkeley Lights and Mattel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Berkeley and Mattel is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Berkeley Lights and Mattel Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mattel Inc and Berkeley Lights 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 Berkeley Lights are associated (or correlated) with Mattel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mattel Inc has no effect on the direction of Berkeley Lights i.e., Berkeley Lights and Mattel go up and down completely randomly.
Pair Corralation between Berkeley Lights and Mattel
If you would invest 1,768 in Mattel Inc on November 30, 2024 and sell it today you would earn a total of 362.00 from holding Mattel Inc or generate 20.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 2.44% |
| Values | Daily Returns |
Berkeley Lights vs. Mattel Inc
Performance |
| Timeline |
| Berkeley Lights |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Mattel Inc |
Berkeley Lights and Mattel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Berkeley Lights and Mattel
The main advantage of trading using opposite Berkeley Lights and Mattel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Berkeley Lights position performs unexpectedly, Mattel 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 Mattel will offset losses from the drop in Mattel's long position.| Berkeley Lights vs. Rambler Metals and | Berkeley Lights vs. Black Mammoth Metals | Berkeley Lights vs. BTU Metals Corp | Berkeley Lights vs. Highway Holdings Limited |
| Mattel vs. Funko Inc | Mattel vs. JAKKS Pacific | Mattel vs. Madison Square Garden | Mattel vs. Life Time Group |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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