Correlation Between BRISTOL and Summa Silver
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By analyzing existing cross correlation between BRISTOL MYERS SQUIBB CO and Summa Silver Corp, you can compare the effects of market volatilities on BRISTOL and Summa Silver 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 BRISTOL with a short position of Summa Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of BRISTOL and Summa Silver.
Diversification Opportunities for BRISTOL and Summa Silver
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between BRISTOL and Summa is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding BRISTOL MYERS SQUIBB CO and Summa Silver Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Summa Silver Corp and BRISTOL 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 BRISTOL MYERS SQUIBB CO are associated (or correlated) with Summa Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Summa Silver Corp has no effect on the direction of BRISTOL i.e., BRISTOL and Summa Silver go up and down completely randomly.
Pair Corralation between BRISTOL and Summa Silver
Assuming the 90 days trading horizon BRISTOL MYERS SQUIBB CO is expected to generate 0.52 times more return on investment than Summa Silver. However, BRISTOL MYERS SQUIBB CO is 1.92 times less risky than Summa Silver. It trades about 0.23 of its potential returns per unit of risk. Summa Silver Corp is currently generating about -0.33 per unit of risk. If you would invest 9,528 in BRISTOL MYERS SQUIBB CO on September 4, 2024 and sell it today you would earn a total of 886.00 from holding BRISTOL MYERS SQUIBB CO or generate 9.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BRISTOL MYERS SQUIBB CO vs. Summa Silver Corp
Performance |
| Timeline |
| BRISTOL MYERS SQUIBB |
| Summa Silver Corp |
BRISTOL and Summa Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BRISTOL and Summa Silver
The main advantage of trading using opposite BRISTOL and Summa Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BRISTOL position performs unexpectedly, Summa Silver 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 Summa Silver will offset losses from the drop in Summa Silver's long position.| BRISTOL vs. Summa Silver Corp | BRISTOL vs. NioCorp Developments Ltd | BRISTOL vs. Hurco Companies | BRISTOL vs. MYR Group |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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