Correlation Between BEBO Health and ATEME SA
Can any of the company-specific risk be diversified away by investing in both BEBO Health and ATEME SA 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 BEBO Health and ATEME SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BEBO Health SA and ATEME SA, you can compare the effects of market volatilities on BEBO Health and ATEME SA 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 BEBO Health with a short position of ATEME SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of BEBO Health and ATEME SA.
Diversification Opportunities for BEBO Health and ATEME SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BEBO and ATEME is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BEBO Health SA and ATEME SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATEME SA and BEBO Health 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 BEBO Health SA are associated (or correlated) with ATEME SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATEME SA has no effect on the direction of BEBO Health i.e., BEBO Health and ATEME SA go up and down completely randomly.
Pair Corralation between BEBO Health and ATEME SA
Assuming the 90 days trading horizon BEBO Health SA is expected to under-perform the ATEME SA. But the stock apears to be less risky and, when comparing its historical volatility, BEBO Health SA is 1.79 times less risky than ATEME SA. The stock trades about -0.09 of its potential returns per unit of risk. The ATEME SA is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 490.00 in ATEME SA on November 3, 2024 and sell it today you would lose (75.00) from holding ATEME SA or give up 15.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BEBO Health SA vs. ATEME SA
Performance |
| Timeline |
| BEBO Health SA |
| ATEME SA |
BEBO Health and ATEME SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BEBO Health and ATEME SA
The main advantage of trading using opposite BEBO Health and ATEME SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BEBO Health position performs unexpectedly, ATEME SA 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 ATEME SA will offset losses from the drop in ATEME SA's long position.| BEBO Health vs. Jacquet Metal Service | BEBO Health vs. Novatech Industries SA | BEBO Health vs. Metalliance SA | BEBO Health vs. X Fab Silicon |
| ATEME SA vs. X Fab Silicon | ATEME SA vs. Eutelsat Communications SA | ATEME SA vs. Odyssee Technologies SA | ATEME SA vs. Jacquet Metal Service |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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