Correlation Between Bemobi Mobile and Cigna
Can any of the company-specific risk be diversified away by investing in both Bemobi Mobile and Cigna 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 Bemobi Mobile and Cigna into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bemobi Mobile Tech and Cigna, you can compare the effects of market volatilities on Bemobi Mobile and Cigna 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 Bemobi Mobile with a short position of Cigna. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bemobi Mobile and Cigna.
Diversification Opportunities for Bemobi Mobile and Cigna
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bemobi and Cigna is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Bemobi Mobile Tech and Cigna in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cigna and Bemobi Mobile 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 Bemobi Mobile Tech are associated (or correlated) with Cigna. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cigna has no effect on the direction of Bemobi Mobile i.e., Bemobi Mobile and Cigna go up and down completely randomly.
Pair Corralation between Bemobi Mobile and Cigna
Assuming the 90 days trading horizon Bemobi Mobile Tech is expected to under-perform the Cigna. In addition to that, Bemobi Mobile is 1.7 times more volatile than Cigna. It trades about -0.02 of its total potential returns per unit of risk. Cigna is currently generating about 0.32 per unit of volatility. If you would invest 46,620 in Cigna on September 2, 2024 and sell it today you would earn a total of 3,768 from holding Cigna or generate 8.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bemobi Mobile Tech vs. Cigna
Performance |
| Timeline |
| Bemobi Mobile Tech |
| Cigna |
Bemobi Mobile and Cigna Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bemobi Mobile and Cigna
The main advantage of trading using opposite Bemobi Mobile and Cigna positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bemobi Mobile position performs unexpectedly, Cigna 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 Cigna will offset losses from the drop in Cigna's long position.| Bemobi Mobile vs. Intelbras SA | Bemobi Mobile vs. Neogrid Participaes SA | Bemobi Mobile vs. Mliuz SA | Bemobi Mobile vs. Locaweb Servios de |
| Cigna vs. Spotify Technology SA | Cigna vs. Extra Space Storage | Cigna vs. Broadcom | Cigna vs. Bemobi Mobile Tech |
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 Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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