Correlation Between Microbot Medical and BERKSHIRE
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By analyzing existing cross correlation between Microbot Medical and BERKSHIRE HATHAWAY ENERGY, you can compare the effects of market volatilities on Microbot Medical and BERKSHIRE 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 Microbot Medical with a short position of BERKSHIRE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Microbot Medical and BERKSHIRE.
Diversification Opportunities for Microbot Medical and BERKSHIRE
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Microbot and BERKSHIRE is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Microbot Medical and BERKSHIRE HATHAWAY ENERGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BERKSHIRE HATHAWAY ENERGY and Microbot Medical 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 Microbot Medical are associated (or correlated) with BERKSHIRE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BERKSHIRE HATHAWAY ENERGY has no effect on the direction of Microbot Medical i.e., Microbot Medical and BERKSHIRE go up and down completely randomly.
Pair Corralation between Microbot Medical and BERKSHIRE
Given the investment horizon of 90 days Microbot Medical is expected to under-perform the BERKSHIRE. In addition to that, Microbot Medical is 23.21 times more volatile than BERKSHIRE HATHAWAY ENERGY. It trades about -0.02 of its total potential returns per unit of risk. BERKSHIRE HATHAWAY ENERGY is currently generating about 0.0 per unit of volatility. If you would invest 9,816 in BERKSHIRE HATHAWAY ENERGY on September 2, 2024 and sell it today you would lose (15.00) from holding BERKSHIRE HATHAWAY ENERGY or give up 0.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.92% |
| Values | Daily Returns |
Microbot Medical vs. BERKSHIRE HATHAWAY ENERGY
Performance |
| Timeline |
| Microbot Medical |
| BERKSHIRE HATHAWAY ENERGY |
Microbot Medical and BERKSHIRE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Microbot Medical and BERKSHIRE
The main advantage of trading using opposite Microbot Medical and BERKSHIRE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Microbot Medical position performs unexpectedly, BERKSHIRE 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 BERKSHIRE will offset losses from the drop in BERKSHIRE's long position.| Microbot Medical vs. Intuitive Surgical | Microbot Medical vs. Innerscope Advertising Agency | Microbot Medical vs. Predictive Oncology | Microbot Medical vs. STAAR Surgical |
| BERKSHIRE vs. Church Dwight | BERKSHIRE vs. Estee Lauder Companies | BERKSHIRE vs. RBC Bearings Incorporated | BERKSHIRE vs. Steven Madden |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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