Correlation Between Brenmiller Energy and JABHOL
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By analyzing existing cross correlation between Brenmiller Energy Ltd and JABHOL 22 23 NOV 30, you can compare the effects of market volatilities on Brenmiller Energy and JABHOL 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 Brenmiller Energy with a short position of JABHOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brenmiller Energy and JABHOL.
Diversification Opportunities for Brenmiller Energy and JABHOL
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Brenmiller and JABHOL is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Brenmiller Energy Ltd and JABHOL 22 23 NOV 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JABHOL 22 23 and Brenmiller Energy 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 Brenmiller Energy Ltd are associated (or correlated) with JABHOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JABHOL 22 23 has no effect on the direction of Brenmiller Energy i.e., Brenmiller Energy and JABHOL go up and down completely randomly.
Pair Corralation between Brenmiller Energy and JABHOL
Given the investment horizon of 90 days Brenmiller Energy Ltd is expected to generate 1.13 times more return on investment than JABHOL. However, Brenmiller Energy is 1.13 times more volatile than JABHOL 22 23 NOV 30. It trades about -0.01 of its potential returns per unit of risk. JABHOL 22 23 NOV 30 is currently generating about -0.32 per unit of risk. If you would invest 77.00 in Brenmiller Energy Ltd on September 12, 2024 and sell it today you would lose (2.00) from holding Brenmiller Energy Ltd or give up 2.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 27.27% |
| Values | Daily Returns |
Brenmiller Energy Ltd vs. JABHOL 22 23 NOV 30
Performance |
| Timeline |
| Brenmiller Energy |
| JABHOL 22 23 |
Brenmiller Energy and JABHOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Brenmiller Energy and JABHOL
The main advantage of trading using opposite Brenmiller Energy and JABHOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brenmiller Energy position performs unexpectedly, JABHOL 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 JABHOL will offset losses from the drop in JABHOL's long position.| Brenmiller Energy vs. Verde Clean Fuels | Brenmiller Energy vs. Smart Powerr Corp | Brenmiller Energy vs. Ormat Technologies | Brenmiller Energy vs. Tokyo Electric Power |
| JABHOL vs. Parker Hannifin | JABHOL vs. Brenmiller Energy Ltd | JABHOL vs. Hurco Companies | JABHOL vs. CECO Environmental Corp |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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