Correlation Between Berkshire Hathaway and XTANT MEDICAL
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By analyzing existing cross correlation between Berkshire Hathaway and XTANT MEDICAL HLDGS, you can compare the effects of market volatilities on Berkshire Hathaway and XTANT MEDICAL 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 Berkshire Hathaway with a short position of XTANT MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Berkshire Hathaway and XTANT MEDICAL.
Diversification Opportunities for Berkshire Hathaway and XTANT MEDICAL
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Berkshire and XTANT is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Berkshire Hathaway and XTANT MEDICAL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XTANT MEDICAL HLDGS and Berkshire Hathaway 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 Berkshire Hathaway are associated (or correlated) with XTANT MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XTANT MEDICAL HLDGS has no effect on the direction of Berkshire Hathaway i.e., Berkshire Hathaway and XTANT MEDICAL go up and down completely randomly.
Pair Corralation between Berkshire Hathaway and XTANT MEDICAL
Assuming the 90 days trading horizon Berkshire Hathaway is expected to generate 0.19 times more return on investment than XTANT MEDICAL. However, Berkshire Hathaway is 5.3 times less risky than XTANT MEDICAL. It trades about 0.09 of its potential returns per unit of risk. XTANT MEDICAL HLDGS is currently generating about 0.0 per unit of risk. If you would invest 29,280 in Berkshire Hathaway on September 24, 2024 and sell it today you would earn a total of 14,085 from holding Berkshire Hathaway or generate 48.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Berkshire Hathaway vs. XTANT MEDICAL HLDGS
Performance |
| Timeline |
| Berkshire Hathaway |
| XTANT MEDICAL HLDGS |
Berkshire Hathaway and XTANT MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Berkshire Hathaway and XTANT MEDICAL
The main advantage of trading using opposite Berkshire Hathaway and XTANT MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Berkshire Hathaway position performs unexpectedly, XTANT MEDICAL 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 XTANT MEDICAL will offset losses from the drop in XTANT MEDICAL's long position.| Berkshire Hathaway vs. Allianz SE VNA | Berkshire Hathaway vs. AXA SA | Berkshire Hathaway vs. AXA SA | Berkshire Hathaway vs. Assicurazioni Generali SpA |
| XTANT MEDICAL vs. SHIN ETSU CHEMICAL | XTANT MEDICAL vs. SEKISUI CHEMICAL | XTANT MEDICAL vs. Soken Chemical Engineering | XTANT MEDICAL vs. Silicon Motion Technology |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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