Correlation Between Ceragon Networks and BNP Paribas
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ceragon Networks and BNP Paribas Easy, you can compare the effects of market volatilities on Ceragon Networks and BNP Paribas 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 BNP Paribas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceragon Networks and BNP Paribas.
Diversification Opportunities for Ceragon Networks and BNP Paribas
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ceragon and BNP is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Ceragon Networks and BNP Paribas Easy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BNP Paribas Easy 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 BNP Paribas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BNP Paribas Easy has no effect on the direction of Ceragon Networks i.e., Ceragon Networks and BNP Paribas go up and down completely randomly.
Pair Corralation between Ceragon Networks and BNP Paribas
Given the investment horizon of 90 days Ceragon Networks is expected to generate 17.2 times more return on investment than BNP Paribas. However, Ceragon Networks is 17.2 times more volatile than BNP Paribas Easy. It trades about 0.07 of its potential returns per unit of risk. BNP Paribas Easy is currently generating about 0.06 per unit of risk. If you would invest 193.00 in Ceragon Networks on September 12, 2024 and sell it today you would earn a total of 257.00 from holding Ceragon Networks or generate 133.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 91.11% |
| Values | Daily Returns |
Ceragon Networks vs. BNP Paribas Easy
Performance |
| Timeline |
| Ceragon Networks |
| BNP Paribas Easy |
Ceragon Networks and BNP Paribas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceragon Networks and BNP Paribas
The main advantage of trading using opposite Ceragon Networks and BNP Paribas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceragon Networks position performs unexpectedly, BNP Paribas 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 BNP Paribas will offset losses from the drop in BNP Paribas' long position.| Ceragon Networks vs. Cambium Networks Corp | Ceragon Networks vs. KVH Industries | Ceragon Networks vs. Knowles Cor | Ceragon Networks vs. AudioCodes |
| BNP Paribas vs. UBS Fund Solutions | BNP Paribas vs. Xtrackers II | BNP Paribas vs. Xtrackers Nikkei 225 | BNP Paribas vs. iShares VII PLC |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |