Correlation Between Bristol-Myers Squibb and BlueStar Travel
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By analyzing existing cross correlation between Bristol Myers Squibb and BlueStar Travel And, you can compare the effects of market volatilities on Bristol-Myers Squibb and BlueStar Travel 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 Squibb with a short position of BlueStar Travel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bristol-Myers Squibb and BlueStar Travel.
Diversification Opportunities for Bristol-Myers Squibb and BlueStar Travel
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bristol-Myers and BlueStar is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb and BlueStar Travel And in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BlueStar Travel And and Bristol-Myers Squibb 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 BlueStar Travel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BlueStar Travel And has no effect on the direction of Bristol-Myers Squibb i.e., Bristol-Myers Squibb and BlueStar Travel go up and down completely randomly.
Pair Corralation between Bristol-Myers Squibb and BlueStar Travel
Assuming the 90 days horizon Bristol-Myers Squibb is expected to generate 4.64 times less return on investment than BlueStar Travel. In addition to that, Bristol-Myers Squibb is 3.42 times more volatile than BlueStar Travel And. It trades about 0.0 of its total potential returns per unit of risk. BlueStar Travel And is currently generating about 0.07 per unit of volatility. If you would invest 12,912 in BlueStar Travel And on September 3, 2024 and sell it today you would earn a total of 5,978 from holding BlueStar Travel And or generate 46.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 45.05% |
| Values | Daily Returns |
Bristol Myers Squibb vs. BlueStar Travel And
Performance |
| Timeline |
Bristol-Myers Squibb and BlueStar Travel Volatility Contrast
Predicted Return Density |
| Returns |
Bristol Myers Squibb
Pair trading matchups for Bristol-Myers Squibb
BlueStar Travel And
Pair trading matchups for BlueStar Travel
Pair Trading with Bristol-Myers Squibb and BlueStar Travel
The main advantage of trading using opposite Bristol-Myers Squibb and BlueStar Travel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bristol-Myers Squibb position performs unexpectedly, BlueStar Travel 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 BlueStar Travel will offset losses from the drop in BlueStar Travel's long position.| Bristol-Myers Squibb vs. Novartis AG | Bristol-Myers Squibb vs. Bayer AG | Bristol-Myers Squibb vs. Astellas Pharma | Bristol-Myers Squibb vs. Roche Holding AG |
| BlueStar Travel vs. Aspen Insurance Holdings | BlueStar Travel vs. Western Copper and | BlueStar Travel vs. Highway Holdings Limited | BlueStar Travel vs. Harmony Gold Mining |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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