Correlation Between Bucharest BET-NG and Coreshares Index
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By analyzing existing cross correlation between Bucharest BET-NG and Coreshares Index Tracker, you can compare the effects of market volatilities on Bucharest BET-NG and Coreshares Index 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 Bucharest BET-NG with a short position of Coreshares Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bucharest BET-NG and Coreshares Index.
Diversification Opportunities for Bucharest BET-NG and Coreshares Index
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bucharest and Coreshares is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Bucharest BET-NG and Coreshares Index Tracker in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coreshares Index Tracker and Bucharest BET-NG 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 Bucharest BET-NG are associated (or correlated) with Coreshares Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coreshares Index Tracker has no effect on the direction of Bucharest BET-NG i.e., Bucharest BET-NG and Coreshares Index go up and down completely randomly.
Pair Corralation between Bucharest BET-NG and Coreshares Index
Assuming the 90 days trading horizon Bucharest BET-NG is expected to generate 0.56 times more return on investment than Coreshares Index. However, Bucharest BET-NG is 1.79 times less risky than Coreshares Index. It trades about 0.25 of its potential returns per unit of risk. Coreshares Index Tracker is currently generating about 0.1 per unit of risk. If you would invest 113,218 in Bucharest BET-NG on February 16, 2024 and sell it today you would earn a total of 9,128 from holding Bucharest BET-NG or generate 8.06% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 96.72% |
Values | Daily Returns |
Bucharest BET-NG vs. Coreshares Index Tracker
Performance |
Timeline |
Bucharest BET-NG and Coreshares Index Volatility Contrast
Predicted Return Density |
Returns |
Bucharest BET-NG
Pair trading matchups for Bucharest BET-NG
Coreshares Index Tracker
Pair trading matchups for Coreshares Index
Pair Trading with Bucharest BET-NG and Coreshares Index
The main advantage of trading using opposite Bucharest BET-NG and Coreshares Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bucharest BET-NG position performs unexpectedly, Coreshares Index 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 Coreshares Index will offset losses from the drop in Coreshares Index's long position.Bucharest BET-NG vs. Turism Hotelur | Bucharest BET-NG vs. AROBS TRANSILVANIA SOFTWARE | Bucharest BET-NG vs. Safetech Innovations SA | Bucharest BET-NG vs. IHUNT TECHNOLOGY IMPORT EXPORT |
Coreshares Index vs. Satrix MSCI World | Coreshares Index vs. GSETNC | Coreshares Index vs. Satrix Swix Top |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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