Correlation Between BCECN and Kura Sushi
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By analyzing existing cross correlation between BCECN 215 15 FEB 32 and Kura Sushi USA, you can compare the effects of market volatilities on BCECN and Kura Sushi 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 BCECN with a short position of Kura Sushi. Check out your portfolio center. Please also check ongoing floating volatility patterns of BCECN and Kura Sushi.
Diversification Opportunities for BCECN and Kura Sushi
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BCECN and Kura is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding BCECN 215 15 FEB 32 and Kura Sushi USA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kura Sushi USA and BCECN 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 BCECN 215 15 FEB 32 are associated (or correlated) with Kura Sushi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kura Sushi USA has no effect on the direction of BCECN i.e., BCECN and Kura Sushi go up and down completely randomly.
Pair Corralation between BCECN and Kura Sushi
Assuming the 90 days trading horizon BCECN 215 15 FEB 32 is expected to under-perform the Kura Sushi. But the bond apears to be less risky and, when comparing its historical volatility, BCECN 215 15 FEB 32 is 6.18 times less risky than Kura Sushi. The bond trades about -0.11 of its potential returns per unit of risk. The Kura Sushi USA is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 9,291 in Kura Sushi USA on September 5, 2024 and sell it today you would earn a total of 1,077 from holding Kura Sushi USA or generate 11.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
BCECN 215 15 FEB 32 vs. Kura Sushi USA
Performance |
| Timeline |
| BCECN 215 15 |
| Kura Sushi USA |
BCECN and Kura Sushi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BCECN and Kura Sushi
The main advantage of trading using opposite BCECN and Kura Sushi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BCECN position performs unexpectedly, Kura Sushi 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 Kura Sushi will offset losses from the drop in Kura Sushi's long position.| BCECN vs. Kura Sushi USA | BCECN vs. China Clean Energy | BCECN vs. Acumen Pharmaceuticals | BCECN vs. Mind Medicine |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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