Correlation Between Pfizer and BPCEGP
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By analyzing existing cross correlation between Pfizer Inc and BPCEGP 2045 19 OCT 27, you can compare the effects of market volatilities on Pfizer and BPCEGP 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 Pfizer with a short position of BPCEGP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pfizer and BPCEGP.
Diversification Opportunities for Pfizer and BPCEGP
Excellent diversification
The 3 months correlation between Pfizer and BPCEGP is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Pfizer Inc and BPCEGP 2045 19 OCT 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BPCEGP 2045 19 and Pfizer 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 Pfizer Inc are associated (or correlated) with BPCEGP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BPCEGP 2045 19 has no effect on the direction of Pfizer i.e., Pfizer and BPCEGP go up and down completely randomly.
Pair Corralation between Pfizer and BPCEGP
Considering the 90-day investment horizon Pfizer Inc is expected to generate 0.33 times more return on investment than BPCEGP. However, Pfizer Inc is 3.07 times less risky than BPCEGP. It trades about -0.23 of its potential returns per unit of risk. BPCEGP 2045 19 OCT 27 is currently generating about -0.71 per unit of risk. If you would invest 2,842 in Pfizer Inc on August 27, 2024 and sell it today you would lose (225.00) from holding Pfizer Inc or give up 7.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 9.52% |
| Values | Daily Returns |
Pfizer Inc vs. BPCEGP 2045 19 OCT 27
Performance |
| Timeline |
| Pfizer Inc |
| BPCEGP 2045 19 |
Pfizer and BPCEGP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pfizer and BPCEGP
The main advantage of trading using opposite Pfizer and BPCEGP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pfizer position performs unexpectedly, BPCEGP 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 BPCEGP will offset losses from the drop in BPCEGP's long position.| Pfizer vs. Capricor Therapeutics | Pfizer vs. Soleno Therapeutics | Pfizer vs. Bio Path Holdings | Pfizer vs. Moleculin Biotech |
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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