Correlation Between Bowhead Specialty and TELUS
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By analyzing existing cross correlation between Bowhead Specialty Holdings and TELUS P 37, you can compare the effects of market volatilities on Bowhead Specialty and TELUS 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 Bowhead Specialty with a short position of TELUS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bowhead Specialty and TELUS.
Diversification Opportunities for Bowhead Specialty and TELUS
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bowhead and TELUS is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Bowhead Specialty Holdings and TELUS P 37 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TELUS P 37 and Bowhead Specialty 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 Bowhead Specialty Holdings are associated (or correlated) with TELUS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TELUS P 37 has no effect on the direction of Bowhead Specialty i.e., Bowhead Specialty and TELUS go up and down completely randomly.
Pair Corralation between Bowhead Specialty and TELUS
Considering the 90-day investment horizon Bowhead Specialty Holdings is expected to under-perform the TELUS. In addition to that, Bowhead Specialty is 9.13 times more volatile than TELUS P 37. It trades about -0.16 of its total potential returns per unit of risk. TELUS P 37 is currently generating about -0.04 per unit of volatility. If you would invest 9,718 in TELUS P 37 on November 3, 2024 and sell it today you would lose (8.00) from holding TELUS P 37 or give up 0.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 52.38% |
| Values | Daily Returns |
Bowhead Specialty Holdings vs. TELUS P 37
Performance |
| Timeline |
| Bowhead Specialty |
| TELUS P 37 |
Bowhead Specialty and TELUS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bowhead Specialty and TELUS
The main advantage of trading using opposite Bowhead Specialty and TELUS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bowhead Specialty position performs unexpectedly, TELUS 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 TELUS will offset losses from the drop in TELUS's long position.| Bowhead Specialty vs. Kingdee International Software | Bowhead Specialty vs. DHI Group | Bowhead Specialty vs. Uber Technologies | Bowhead Specialty vs. Life360, Common Stock |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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