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Correlation Between Bristol Myers and Astrazeneca PLC

Analyzing existing cross correlation between Bristol Myers Squibb Company and Astrazeneca PLC. You can compare the effects of market volatilities on Bristol Myers and Astrazeneca PLC 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 Myers with a short position of Astrazeneca PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bristol Myers and Astrazeneca PLC.

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Diversification Opportunities for Bristol Myers and Astrazeneca PLC

Bristol Myers Squibb Company diversification synergy
0.61
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Poor diversification

The 3 months correlation between Bristol and Astrazeneca is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Bristol Myers Squibb Company and Astrazeneca PLC in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Astrazeneca PLC and Bristol Myers 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 Company are associated (or correlated) with Astrazeneca PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astrazeneca PLC has no effect on the direction of Bristol Myers i.e. Bristol Myers and Astrazeneca PLC go up and down completely randomly.

Pair Corralation between Bristol Myers and Astrazeneca PLC

Considering 30-days investment horizon, Bristol Myers Squibb Company is expected to generate 0.91 times more return on investment than Astrazeneca PLC. However, Bristol Myers Squibb Company is 1.1 times less risky than Astrazeneca PLC. It trades about 0.21 of its potential returns per unit of risk. Astrazeneca PLC is currently generating about 0.04 per unit of risk. If you would invest  5,673  in Bristol Myers Squibb Company on January 25, 2020 and sell it today you would earn a total of  890.00  from holding Bristol Myers Squibb Company or generate 15.69% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Bristol Myers Squibb Company  vs.  Astrazeneca PLC

 Performance (%) 
    
  Timeline 
Bristol Myers Squibb 
1414

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bristol Myers Squibb Company are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. Inspite fairly conflicting basic indicators, Bristol Myers showed solid returns over the last few months and may actually be approaching a breakup point.
Astrazeneca PLC 
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Astrazeneca PLC are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Allthough quite persistent forward indicators, Astrazeneca PLC is not utilizing all of its potentials. The existing stock price mess, may contribute to short term losses for the partners.

Bristol Myers and Astrazeneca PLC Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Theme Ratings module to determine theme ratings based on digital equity recommendations. macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.