Correlation Between Greenlight Capital and BNRE Old
Can any of the company-specific risk be diversified away by investing in both Greenlight Capital and BNRE Old at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Greenlight Capital and BNRE Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greenlight Capital Re and BNRE Old, you can compare the effects of market volatilities on Greenlight Capital and BNRE Old 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 Greenlight Capital with a short position of BNRE Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenlight Capital and BNRE Old.
Diversification Opportunities for Greenlight Capital and BNRE Old
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Greenlight and BNRE is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Greenlight Capital Re and BNRE Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BNRE Old and Greenlight Capital 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 Greenlight Capital Re are associated (or correlated) with BNRE Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BNRE Old has no effect on the direction of Greenlight Capital i.e., Greenlight Capital and BNRE Old go up and down completely randomly.
Pair Corralation between Greenlight Capital and BNRE Old
If you would invest 5,770 in BNRE Old on November 2, 2024 and sell it today you would earn a total of 0.00 from holding BNRE Old or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 2.5% |
| Values | Daily Returns |
Greenlight Capital Re vs. BNRE Old
Performance |
| Timeline |
| Greenlight Capital |
| BNRE Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Market Crasher
Greenlight Capital and BNRE Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Greenlight Capital and BNRE Old
The main advantage of trading using opposite Greenlight Capital and BNRE Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenlight Capital position performs unexpectedly, BNRE Old 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 BNRE Old will offset losses from the drop in BNRE Old's long position.| Greenlight Capital vs. Reinsurance Group of | Greenlight Capital vs. Siriuspoint | Greenlight Capital vs. SCOR PK | Greenlight Capital vs. SiriusPoint |
| BNRE Old vs. Maiden Holdings | BNRE Old vs. Renaissancere Holdings | BNRE Old vs. Greenlight Capital Re | BNRE Old vs. Reinsurance Group of |
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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