Correlation Between Bristol-Myers Squibb and ONCOR
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By analyzing existing cross correlation between Bristol Myers Squibb and ONCOR ELEC DELIVERY, you can compare the effects of market volatilities on Bristol-Myers Squibb and ONCOR 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 ONCOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bristol-Myers Squibb and ONCOR.
Diversification Opportunities for Bristol-Myers Squibb and ONCOR
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bristol-Myers and ONCOR is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb and ONCOR ELEC DELIVERY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONCOR ELEC DELIVERY 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 ONCOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONCOR ELEC DELIVERY has no effect on the direction of Bristol-Myers Squibb i.e., Bristol-Myers Squibb and ONCOR go up and down completely randomly.
Pair Corralation between Bristol-Myers Squibb and ONCOR
Assuming the 90 days horizon Bristol Myers Squibb is expected to generate 12.08 times more return on investment than ONCOR. However, Bristol-Myers Squibb is 12.08 times more volatile than ONCOR ELEC DELIVERY. It trades about 0.08 of its potential returns per unit of risk. ONCOR ELEC DELIVERY is currently generating about 0.0 per unit of risk. If you would invest 74,000 in Bristol Myers Squibb on September 1, 2024 and sell it today you would earn a total of 26,555 from holding Bristol Myers Squibb or generate 35.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.6% |
| Values | Daily Returns |
Bristol Myers Squibb vs. ONCOR ELEC DELIVERY
Performance |
| Timeline |
| Bristol Myers Squibb |
| ONCOR ELEC DELIVERY |
Bristol-Myers Squibb and ONCOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bristol-Myers Squibb and ONCOR
The main advantage of trading using opposite Bristol-Myers Squibb and ONCOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bristol-Myers Squibb position performs unexpectedly, ONCOR 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 ONCOR will offset losses from the drop in ONCOR'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 |
| ONCOR vs. AEP TEX INC | ONCOR vs. US BANK NATIONAL | ONCOR vs. International Business Machines | ONCOR vs. Intel |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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