Correlation Between Eastman Kodak and BRISTOL
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By analyzing existing cross correlation between Eastman Kodak Co and BRISTOL MYERS SQUIBB CO, you can compare the effects of market volatilities on Eastman Kodak 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 Eastman Kodak with a short position of BRISTOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Kodak and BRISTOL.
Diversification Opportunities for Eastman Kodak and BRISTOL
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eastman and BRISTOL is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Kodak Co 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 Eastman Kodak 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 Eastman Kodak Co 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 Eastman Kodak i.e., Eastman Kodak and BRISTOL go up and down completely randomly.
Pair Corralation between Eastman Kodak and BRISTOL
Given the investment horizon of 90 days Eastman Kodak Co is expected to generate 12.18 times more return on investment than BRISTOL. However, Eastman Kodak is 12.18 times more volatile than BRISTOL MYERS SQUIBB CO. It trades about 0.04 of its potential returns per unit of risk. BRISTOL MYERS SQUIBB CO is currently generating about -0.01 per unit of risk. If you would invest 524.00 in Eastman Kodak Co on August 31, 2024 and sell it today you would earn a total of 201.00 from holding Eastman Kodak Co or generate 38.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.4% |
| Values | Daily Returns |
Eastman Kodak Co vs. BRISTOL MYERS SQUIBB CO
Performance |
| Timeline |
| Eastman Kodak |
| BRISTOL MYERS SQUIBB |
Eastman Kodak and BRISTOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Kodak and BRISTOL
The main advantage of trading using opposite Eastman Kodak and BRISTOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Kodak 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.| Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
| BRISTOL vs. Hooker Furniture | BRISTOL vs. Procter Gamble | BRISTOL vs. Aterian | BRISTOL vs. Eastman Kodak 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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