Correlation Between Northstar Clean and BRISTOL
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By analyzing existing cross correlation between Northstar Clean Technologies and BRISTOL MYERS SQUIBB CO, you can compare the effects of market volatilities on Northstar Clean 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 Northstar Clean with a short position of BRISTOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northstar Clean and BRISTOL.
Diversification Opportunities for Northstar Clean and BRISTOL
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Northstar and BRISTOL is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Northstar Clean Technologies 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 Northstar Clean 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 Northstar Clean Technologies 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 Northstar Clean i.e., Northstar Clean and BRISTOL go up and down completely randomly.
Pair Corralation between Northstar Clean and BRISTOL
Assuming the 90 days horizon Northstar Clean Technologies is expected to generate 7.56 times more return on investment than BRISTOL. However, Northstar Clean is 7.56 times more volatile than BRISTOL MYERS SQUIBB CO. It trades about 0.26 of its potential returns per unit of risk. BRISTOL MYERS SQUIBB CO is currently generating about -0.04 per unit of risk. If you would invest 19.00 in Northstar Clean Technologies on September 14, 2024 and sell it today you would earn a total of 4.00 from holding Northstar Clean Technologies or generate 21.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
Northstar Clean Technologies vs. BRISTOL MYERS SQUIBB CO
Performance |
| Timeline |
| Northstar Clean Tech |
| BRISTOL MYERS SQUIBB |
Northstar Clean and BRISTOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northstar Clean and BRISTOL
The main advantage of trading using opposite Northstar Clean and BRISTOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northstar Clean 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.| Northstar Clean vs. Ecoloclean Industrs | Northstar Clean vs. Ecosciences | Northstar Clean vs. JPX Global | Northstar Clean vs. Majic Wheels Corp |
| BRISTOL vs. Ecolab Inc | BRISTOL vs. Park Electrochemical | BRISTOL vs. NL Industries | BRISTOL vs. VirnetX Holding Corp |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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