Correlation Between VirnetX Holding and BRISTOL
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By analyzing existing cross correlation between VirnetX Holding Corp and BRISTOL MYERS SQUIBB CO, you can compare the effects of market volatilities on VirnetX Holding and BRISTOL 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 VirnetX Holding with a short position of BRISTOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of VirnetX Holding and BRISTOL.
Diversification Opportunities for VirnetX Holding and BRISTOL
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between VirnetX and BRISTOL is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding VirnetX Holding Corp and BRISTOL MYERS SQUIBB CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRISTOL MYERS SQUIBB and VirnetX Holding 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 VirnetX Holding Corp are associated (or correlated) with BRISTOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BRISTOL MYERS SQUIBB has no effect on the direction of VirnetX Holding i.e., VirnetX Holding and BRISTOL go up and down completely randomly.
Pair Corralation between VirnetX Holding and BRISTOL
Considering the 90-day investment horizon VirnetX Holding Corp is expected to under-perform the BRISTOL. In addition to that, VirnetX Holding is 6.93 times more volatile than BRISTOL MYERS SQUIBB CO. It trades about -0.35 of its total potential returns per unit of risk. BRISTOL MYERS SQUIBB CO is currently generating about -0.04 per unit of volatility. If you would invest 9,957 in BRISTOL MYERS SQUIBB CO on September 14, 2024 and sell it today you would lose (32.00) from holding BRISTOL MYERS SQUIBB CO or give up 0.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
VirnetX Holding Corp vs. BRISTOL MYERS SQUIBB CO
Performance |
| Timeline |
| VirnetX Holding Corp |
| BRISTOL MYERS SQUIBB |
VirnetX Holding and BRISTOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VirnetX Holding and BRISTOL
The main advantage of trading using opposite VirnetX Holding and BRISTOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VirnetX Holding position performs unexpectedly, BRISTOL 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 BRISTOL will offset losses from the drop in BRISTOL's long position.| VirnetX Holding vs. Hub Cyber Security | VirnetX Holding vs. authID Inc | VirnetX Holding vs. Aurora Mobile | VirnetX Holding vs. Taoping |
| BRISTOL vs. Ecolab Inc | BRISTOL vs. Park Electrochemical | BRISTOL vs. NL Industries | BRISTOL vs. VirnetX Holding Corp |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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