Correlation Between Harel Index and Brainsway
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By analyzing existing cross correlation between Harel Index Funds and Brainsway, you can compare the effects of market volatilities on Harel Index and Brainsway 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 Harel Index with a short position of Brainsway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harel Index and Brainsway.
Diversification Opportunities for Harel Index and Brainsway
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Harel and Brainsway is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Harel Index Funds and Brainsway in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brainsway and Harel Index 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 Harel Index Funds are associated (or correlated) with Brainsway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Brainsway has no effect on the direction of Harel Index i.e., Harel Index and Brainsway go up and down completely randomly.
Pair Corralation between Harel Index and Brainsway
Assuming the 90 days trading horizon Harel Index is expected to generate 1.34 times less return on investment than Brainsway. But when comparing it to its historical volatility, Harel Index Funds is 2.18 times less risky than Brainsway. It trades about 0.3 of its potential returns per unit of risk. Brainsway is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 143,000 in Brainsway on August 29, 2024 and sell it today you would earn a total of 36,900 from holding Brainsway or generate 25.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harel Index Funds vs. Brainsway
Performance |
| Timeline |
| Harel Index Funds |
| Brainsway |
Harel Index and Brainsway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harel Index and Brainsway
The main advantage of trading using opposite Harel Index and Brainsway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harel Index position performs unexpectedly, Brainsway 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 Brainsway will offset losses from the drop in Brainsway's long position.| Harel Index vs. Harel Index Funds | Harel Index vs. Harel Sal Tel Bond | Harel Index vs. Harel Index Funds | Harel Index vs. Harel Index Funds |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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