Correlation Between Bausch and John Wiley
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By analyzing existing cross correlation between Bausch Health Companies and John Wiley Sons, you can compare the effects of market volatilities on Bausch and John Wiley 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 Bausch with a short position of John Wiley. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bausch and John Wiley.
Diversification Opportunities for Bausch and John Wiley
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bausch and John is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Health Companies and John Wiley Sons in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Wiley Sons and Bausch 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 Bausch Health Companies are associated (or correlated) with John Wiley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Wiley Sons has no effect on the direction of Bausch i.e., Bausch and John Wiley go up and down completely randomly.
Pair Corralation between Bausch and John Wiley
Assuming the 90 days trading horizon Bausch Health Companies is expected to generate 0.9 times more return on investment than John Wiley. However, Bausch Health Companies is 1.11 times less risky than John Wiley. It trades about 0.0 of its potential returns per unit of risk. John Wiley Sons is currently generating about -0.41 per unit of risk. If you would invest 6,875 in Bausch Health Companies on September 13, 2024 and sell it today you would lose (25.00) from holding Bausch Health Companies or give up 0.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 84.62% |
| Values | Daily Returns |
Bausch Health Companies vs. John Wiley Sons
Performance |
| Timeline |
| Bausch Health Companies |
| John Wiley Sons |
Bausch and John Wiley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bausch and John Wiley
The main advantage of trading using opposite Bausch and John Wiley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bausch position performs unexpectedly, John Wiley 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 John Wiley will offset losses from the drop in John Wiley's long position.| Bausch vs. SNDL Inc | Bausch vs. Elmos Semiconductor SE | Bausch vs. Taiwan Semiconductor Manufacturing | Bausch vs. Kulicke and Soffa |
| John Wiley vs. Liberty Media | John Wiley vs. Atlanta Braves Holdings, | John Wiley vs. News Corp B | John Wiley vs. News Corp A |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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