Correlation Between 26442UAA2 and Bausch Lomb
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By analyzing existing cross correlation between DUKE ENERGY PROGRESS and Bausch Lomb Corp, you can compare the effects of market volatilities on 26442UAA2 and Bausch Lomb 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 26442UAA2 with a short position of Bausch Lomb. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26442UAA2 and Bausch Lomb.
Diversification Opportunities for 26442UAA2 and Bausch Lomb
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 26442UAA2 and Bausch is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding DUKE ENERGY PROGRESS and Bausch Lomb Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bausch Lomb Corp and 26442UAA2 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 DUKE ENERGY PROGRESS are associated (or correlated) with Bausch Lomb. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bausch Lomb Corp has no effect on the direction of 26442UAA2 i.e., 26442UAA2 and Bausch Lomb go up and down completely randomly.
Pair Corralation between 26442UAA2 and Bausch Lomb
Assuming the 90 days trading horizon DUKE ENERGY PROGRESS is expected to generate 0.07 times more return on investment than Bausch Lomb. However, DUKE ENERGY PROGRESS is 14.23 times less risky than Bausch Lomb. It trades about -0.02 of its potential returns per unit of risk. Bausch Lomb Corp is currently generating about -0.15 per unit of risk. If you would invest 9,946 in DUKE ENERGY PROGRESS on November 28, 2024 and sell it today you would lose (5.00) from holding DUKE ENERGY PROGRESS or give up 0.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
DUKE ENERGY PROGRESS vs. Bausch Lomb Corp
Performance |
| Timeline |
| DUKE ENERGY PROGRESS |
| Bausch Lomb Corp |
26442UAA2 and Bausch Lomb Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26442UAA2 and Bausch Lomb
The main advantage of trading using opposite 26442UAA2 and Bausch Lomb positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26442UAA2 position performs unexpectedly, Bausch Lomb 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 Bausch Lomb will offset losses from the drop in Bausch Lomb's long position.| 26442UAA2 vs. Teleflex Incorporated | 26442UAA2 vs. Alto Neuroscience, | 26442UAA2 vs. Tscan Therapeutics | 26442UAA2 vs. Neogen |
| Bausch Lomb vs. The Cooper Companies, | Bausch Lomb vs. ICU Medical | Bausch Lomb vs. Hologic | Bausch Lomb vs. Becton Dickinson and |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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