Correlation Between Bristol Myers and CalciMedica, Common
Can any of the company-specific risk be diversified away by investing in both Bristol Myers and CalciMedica, Common 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 Bristol Myers and CalciMedica, Common into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bristol Myers Squibb and CalciMedica, Common Stock, you can compare the effects of market volatilities on Bristol Myers and CalciMedica, Common 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 Bristol Myers with a short position of CalciMedica, Common. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bristol Myers and CalciMedica, Common.
Diversification Opportunities for Bristol Myers and CalciMedica, Common
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bristol and CalciMedica, is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb and CalciMedica, Common Stock in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CalciMedica, Common Stock and Bristol Myers 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 Bristol Myers Squibb are associated (or correlated) with CalciMedica, Common. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CalciMedica, Common Stock has no effect on the direction of Bristol Myers i.e., Bristol Myers and CalciMedica, Common go up and down completely randomly.
Pair Corralation between Bristol Myers and CalciMedica, Common
Considering the 90-day investment horizon Bristol Myers Squibb is expected to under-perform the CalciMedica, Common. But the stock apears to be less risky and, when comparing its historical volatility, Bristol Myers Squibb is 4.8 times less risky than CalciMedica, Common. The stock trades about -0.01 of its potential returns per unit of risk. The CalciMedica, Common Stock is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 917.00 in CalciMedica, Common Stock on September 19, 2024 and sell it today you would lose (639.00) from holding CalciMedica, Common Stock or give up 69.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Bristol Myers Squibb vs. CalciMedica, Common Stock
Performance |
| Timeline |
| Bristol Myers Squibb |
| CalciMedica, Common Stock |
Bristol Myers and CalciMedica, Common Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bristol Myers and CalciMedica, Common
The main advantage of trading using opposite Bristol Myers and CalciMedica, Common positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bristol Myers position performs unexpectedly, CalciMedica, Common 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 CalciMedica, Common will offset losses from the drop in CalciMedica, Common's long position.| Bristol Myers vs. Emergent Biosolutions | Bristol Myers vs. Neurocrine Biosciences | Bristol Myers vs. Teva Pharma Industries | Bristol Myers vs. Haleon plc |
| CalciMedica, Common vs. Digi International | CalciMedica, Common vs. Lipocine | CalciMedica, Common vs. Asure Software | CalciMedica, Common vs. Perseus Mining Limited |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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