Correlation Between Psagot Index and Brainsway
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By analyzing existing cross correlation between Psagot Index Funds and Brainsway, you can compare the effects of market volatilities on Psagot 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 Psagot Index with a short position of Brainsway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Psagot Index and Brainsway.
Diversification Opportunities for Psagot Index and Brainsway
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Psagot and Brainsway is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Psagot Index Funds and Brainsway in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brainsway and Psagot 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 Psagot 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 Psagot Index i.e., Psagot Index and Brainsway go up and down completely randomly.
Pair Corralation between Psagot Index and Brainsway
Assuming the 90 days trading horizon Psagot Index Funds is expected to under-perform the Brainsway. But the etf apears to be less risky and, when comparing its historical volatility, Psagot Index Funds is 1.41 times less risky than Brainsway. The etf trades about -0.61 of its potential returns per unit of risk. The Brainsway is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 195,300 in Brainsway on September 5, 2024 and sell it today you would lose (7,300) from holding Brainsway or give up 3.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Psagot Index Funds vs. Brainsway
Performance |
| Timeline |
| Psagot Index Funds |
| Brainsway |
Psagot Index and Brainsway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Psagot Index and Brainsway
The main advantage of trading using opposite Psagot Index and Brainsway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Psagot 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.| Psagot Index vs. Brainsway | Psagot Index vs. Mivne Real Estate | Psagot Index vs. Photomyne | Psagot Index vs. Israel Land Development |
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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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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