Correlation Between BERKSHIRE and Elmos Semiconductor

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Can any of the company-specific risk be diversified away by investing in both BERKSHIRE and Elmos Semiconductor at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining BERKSHIRE and Elmos Semiconductor into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BERKSHIRE HATHAWAY ENERGY and Elmos Semiconductor SE, you can compare the effects of market volatilities on BERKSHIRE and Elmos Semiconductor 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 BERKSHIRE with a short position of Elmos Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of BERKSHIRE and Elmos Semiconductor.

Diversification Opportunities for BERKSHIRE and Elmos Semiconductor

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between BERKSHIRE and Elmos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BERKSHIRE HATHAWAY ENERGY and Elmos Semiconductor SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elmos Semiconductor and BERKSHIRE 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 BERKSHIRE HATHAWAY ENERGY are associated (or correlated) with Elmos Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elmos Semiconductor has no effect on the direction of BERKSHIRE i.e., BERKSHIRE and Elmos Semiconductor go up and down completely randomly.

Pair Corralation between BERKSHIRE and Elmos Semiconductor

If you would invest  8,923  in Elmos Semiconductor SE on September 2, 2024 and sell it today you would earn a total of  0.00  from holding Elmos Semiconductor SE or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

BERKSHIRE HATHAWAY ENERGY  vs.  Elmos Semiconductor SE

 Performance 
       Timeline  
BERKSHIRE HATHAWAY ENERGY 

Risk-Adjusted Performance

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Over the last 90 days BERKSHIRE HATHAWAY ENERGY has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Bond's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for BERKSHIRE HATHAWAY ENERGY investors.
Elmos Semiconductor 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Elmos Semiconductor SE has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Elmos Semiconductor is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

BERKSHIRE and Elmos Semiconductor Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with BERKSHIRE and Elmos Semiconductor

The main advantage of trading using opposite BERKSHIRE and Elmos Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BERKSHIRE position performs unexpectedly, Elmos Semiconductor 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 Elmos Semiconductor will offset losses from the drop in Elmos Semiconductor's long position.
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The idea behind BERKSHIRE HATHAWAY ENERGY and Elmos Semiconductor SE pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.

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