Correlation Between Ceragon Networks and Bright Real
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By analyzing existing cross correlation between Ceragon Networks and Bright Real Estate, you can compare the effects of market volatilities on Ceragon Networks and Bright Real 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 Ceragon Networks with a short position of Bright Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceragon Networks and Bright Real.
Diversification Opportunities for Ceragon Networks and Bright Real
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ceragon and Bright is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Ceragon Networks and Bright Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bright Real Estate and Ceragon Networks 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 Ceragon Networks are associated (or correlated) with Bright Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bright Real Estate has no effect on the direction of Ceragon Networks i.e., Ceragon Networks and Bright Real go up and down completely randomly.
Pair Corralation between Ceragon Networks and Bright Real
Given the investment horizon of 90 days Ceragon Networks is expected to generate 0.81 times more return on investment than Bright Real. However, Ceragon Networks is 1.24 times less risky than Bright Real. It trades about 0.34 of its potential returns per unit of risk. Bright Real Estate is currently generating about 0.26 per unit of risk. If you would invest 252.00 in Ceragon Networks on September 3, 2024 and sell it today you would earn a total of 202.00 from holding Ceragon Networks or generate 80.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Ceragon Networks vs. Bright Real Estate
Performance |
| Timeline |
| Ceragon Networks |
| Bright Real Estate |
Ceragon Networks and Bright Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceragon Networks and Bright Real
The main advantage of trading using opposite Ceragon Networks and Bright Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceragon Networks position performs unexpectedly, Bright Real 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 Bright Real will offset losses from the drop in Bright Real's long position.| Ceragon Networks vs. Cambium Networks Corp | Ceragon Networks vs. KVH Industries | Ceragon Networks vs. Knowles Cor | Ceragon Networks vs. AudioCodes |
| Bright Real vs. Kuangda Technology Group | Bright Real vs. Healthcare Co | Bright Real vs. Andon Health Co | Bright Real vs. Linewell Software Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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