Correlation Between SANOFI CONS and Byke Hospitality
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By analyzing existing cross correlation between SANOFI S HEALTHC and The Byke Hospitality, you can compare the effects of market volatilities on SANOFI CONS and Byke Hospitality 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 SANOFI CONS with a short position of Byke Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of SANOFI CONS and Byke Hospitality.
Diversification Opportunities for SANOFI CONS and Byke Hospitality
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SANOFI and Byke is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding SANOFI S HEALTHC and The Byke Hospitality in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Byke Hospitality and SANOFI CONS 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 SANOFI S HEALTHC are associated (or correlated) with Byke Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Byke Hospitality has no effect on the direction of SANOFI CONS i.e., SANOFI CONS and Byke Hospitality go up and down completely randomly.
Pair Corralation between SANOFI CONS and Byke Hospitality
Assuming the 90 days trading horizon SANOFI S HEALTHC is expected to generate 0.31 times more return on investment than Byke Hospitality. However, SANOFI S HEALTHC is 3.25 times less risky than Byke Hospitality. It trades about 0.16 of its potential returns per unit of risk. The Byke Hospitality is currently generating about -0.23 per unit of risk. If you would invest 472,465 in SANOFI S HEALTHC on December 14, 2024 and sell it today you would earn a total of 15,290 from holding SANOFI S HEALTHC or generate 3.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SANOFI S HEALTHC vs. The Byke Hospitality
Performance |
| Timeline |
| SANOFI S HEALTHC |
| Byke Hospitality |
SANOFI CONS and Byke Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SANOFI CONS and Byke Hospitality
The main advantage of trading using opposite SANOFI CONS and Byke Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SANOFI CONS position performs unexpectedly, Byke Hospitality 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 Byke Hospitality will offset losses from the drop in Byke Hospitality's long position.| SANOFI CONS vs. Cartrade Tech Limited | ||
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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