Correlation Between SBF 120 and Bureau Veritas
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By analyzing existing cross correlation between SBF 120 and Bureau Veritas SA, you can compare the effects of market volatilities on SBF 120 and Bureau Veritas 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 SBF 120 with a short position of Bureau Veritas. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBF 120 and Bureau Veritas.
Diversification Opportunities for SBF 120 and Bureau Veritas
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SBF and Bureau is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding SBF 120 and Bureau Veritas SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bureau Veritas SA and SBF 120 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 SBF 120 are associated (or correlated) with Bureau Veritas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bureau Veritas SA has no effect on the direction of SBF 120 i.e., SBF 120 and Bureau Veritas go up and down completely randomly.
Pair Corralation between SBF 120 and Bureau Veritas
Assuming the 90 days trading horizon SBF 120 is expected to under-perform the Bureau Veritas. But the index apears to be less risky and, when comparing its historical volatility, SBF 120 is 1.28 times less risky than Bureau Veritas. The index trades about -0.16 of its potential returns per unit of risk. The Bureau Veritas SA is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest 2,912 in Bureau Veritas SA on August 25, 2024 and sell it today you would lose (82.00) from holding Bureau Veritas SA or give up 2.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SBF 120 vs. Bureau Veritas SA
Performance |
| Timeline |
SBF 120 and Bureau Veritas Volatility Contrast
Predicted Return Density |
| Returns |
SBF 120
Pair trading matchups for SBF 120
Bureau Veritas SA
Pair trading matchups for Bureau Veritas
Pair Trading with SBF 120 and Bureau Veritas
The main advantage of trading using opposite SBF 120 and Bureau Veritas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBF 120 position performs unexpectedly, Bureau Veritas 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 Bureau Veritas will offset losses from the drop in Bureau Veritas' long position.| SBF 120 vs. Mauna Kea Technologies | SBF 120 vs. Axway Software | SBF 120 vs. Soditech SA | SBF 120 vs. Guandao Puer Investment |
| Bureau Veritas vs. Prodways Group SA | Bureau Veritas vs. Claranova SE | Bureau Veritas vs. DBV Technologies SA | Bureau Veritas vs. Manitou BF SA |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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