Correlation Between BARINGS EASTERN and Esfera Robotics
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By analyzing existing cross correlation between BARINGS EASTERN EUROPE and Esfera Robotics R, you can compare the effects of market volatilities on BARINGS EASTERN and Esfera Robotics 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 BARINGS EASTERN with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of BARINGS EASTERN and Esfera Robotics.
Diversification Opportunities for BARINGS EASTERN and Esfera Robotics
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BARINGS and Esfera is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding BARINGS EASTERN EUROPE and Esfera Robotics R in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esfera Robotics R and BARINGS EASTERN 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 BARINGS EASTERN EUROPE are associated (or correlated) with Esfera Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esfera Robotics R has no effect on the direction of BARINGS EASTERN i.e., BARINGS EASTERN and Esfera Robotics go up and down completely randomly.
Pair Corralation between BARINGS EASTERN and Esfera Robotics
Assuming the 90 days trading horizon BARINGS EASTERN is expected to generate 3.3 times less return on investment than Esfera Robotics. But when comparing it to its historical volatility, BARINGS EASTERN EUROPE is 1.19 times less risky than Esfera Robotics. It trades about 0.03 of its potential returns per unit of risk. Esfera Robotics R is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 28,093 in Esfera Robotics R on September 4, 2024 and sell it today you would earn a total of 7,020 from holding Esfera Robotics R or generate 24.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.4% |
| Values | Daily Returns |
BARINGS EASTERN EUROPE vs. Esfera Robotics R
Performance |
| Timeline |
| BARINGS EASTERN EUROPE |
| Esfera Robotics R |
BARINGS EASTERN and Esfera Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BARINGS EASTERN and Esfera Robotics
The main advantage of trading using opposite BARINGS EASTERN and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BARINGS EASTERN position performs unexpectedly, Esfera Robotics 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 Esfera Robotics will offset losses from the drop in Esfera Robotics' long position.| BARINGS EASTERN vs. BARINGS LATIN AMERICA | BARINGS EASTERN vs. Esfera Robotics R | BARINGS EASTERN vs. R co Valor F | BARINGS EASTERN vs. CM AM Monplus NE |
| Esfera Robotics vs. Superior Plus Corp | Esfera Robotics vs. Origin Agritech | Esfera Robotics vs. Identiv | Esfera Robotics vs. INTUITIVE SURGICAL |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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