Correlation Between BloomZ Ordinary and Staffing 360
Can any of the company-specific risk be diversified away by investing in both BloomZ Ordinary and Staffing 360 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 BloomZ Ordinary and Staffing 360 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BloomZ Ordinary Shares and Staffing 360 Solutions, you can compare the effects of market volatilities on BloomZ Ordinary and Staffing 360 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 BloomZ Ordinary with a short position of Staffing 360. Check out your portfolio center. Please also check ongoing floating volatility patterns of BloomZ Ordinary and Staffing 360.
Diversification Opportunities for BloomZ Ordinary and Staffing 360
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BloomZ and Staffing is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding BloomZ Ordinary Shares and Staffing 360 Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Staffing 360 Solutions and BloomZ Ordinary 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 BloomZ Ordinary Shares are associated (or correlated) with Staffing 360. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Staffing 360 Solutions has no effect on the direction of BloomZ Ordinary i.e., BloomZ Ordinary and Staffing 360 go up and down completely randomly.
Pair Corralation between BloomZ Ordinary and Staffing 360
Given the investment horizon of 90 days BloomZ Ordinary Shares is expected to generate 0.61 times more return on investment than Staffing 360. However, BloomZ Ordinary Shares is 1.64 times less risky than Staffing 360. It trades about -0.15 of its potential returns per unit of risk. Staffing 360 Solutions is currently generating about -0.57 per unit of risk. If you would invest 47.00 in BloomZ Ordinary Shares on November 28, 2024 and sell it today you would lose (8.00) from holding BloomZ Ordinary Shares or give up 17.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
BloomZ Ordinary Shares vs. Staffing 360 Solutions
Performance |
| Timeline |
| BloomZ Ordinary Shares |
| Staffing 360 Solutions |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
BloomZ Ordinary and Staffing 360 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BloomZ Ordinary and Staffing 360
The main advantage of trading using opposite BloomZ Ordinary and Staffing 360 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BloomZ Ordinary position performs unexpectedly, Staffing 360 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 Staffing 360 will offset losses from the drop in Staffing 360's long position.| BloomZ Ordinary vs. Mayfair Gold Corp | BloomZ Ordinary vs. LAir Liquide SA | BloomZ Ordinary vs. Take Two Interactive Software | BloomZ Ordinary vs. GameSquare Holdings |
| Staffing 360 vs. Kelly Services A | Staffing 360 vs. Mastech Holdings | Staffing 360 vs. Kforce Inc | Staffing 360 vs. Hudson Global |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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