Correlation Between Here Media and BRISTOL
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By analyzing existing cross correlation between Here Media and BRISTOL MYERS SQUIBB CO, you can compare the effects of market volatilities on Here Media and BRISTOL 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 Here Media with a short position of BRISTOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Here Media and BRISTOL.
Diversification Opportunities for Here Media and BRISTOL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Here and BRISTOL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Here Media and BRISTOL MYERS SQUIBB CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRISTOL MYERS SQUIBB and Here Media 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 Here Media are associated (or correlated) with BRISTOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BRISTOL MYERS SQUIBB has no effect on the direction of Here Media i.e., Here Media and BRISTOL go up and down completely randomly.
Pair Corralation between Here Media and BRISTOL
If you would invest 9,409 in BRISTOL MYERS SQUIBB CO on September 13, 2024 and sell it today you would earn a total of 456.00 from holding BRISTOL MYERS SQUIBB CO or generate 4.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Here Media vs. BRISTOL MYERS SQUIBB CO
Performance |
| Timeline |
| Here Media |
| BRISTOL MYERS SQUIBB |
Here Media and BRISTOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Here Media and BRISTOL
The main advantage of trading using opposite Here Media and BRISTOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Here Media position performs unexpectedly, BRISTOL 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 BRISTOL will offset losses from the drop in BRISTOL's long position.| Here Media vs. BCE Inc | Here Media vs. Pinterest | Here Media vs. Radcom | Here Media vs. Freedom Internet Group |
| BRISTOL vs. Here Media | BRISTOL vs. National CineMedia | BRISTOL vs. Sun Country Airlines | BRISTOL vs. Reservoir Media |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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