Correlation Analysis Between Biotron Ltd and DOW

Analyzing existing cross correlation between Biotron Ltd Ord and DOW. You can compare the effects of market volatilities on Biotron Ltd and DOW 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 Biotron Ltd with a short position of DOW. See also your portfolio center. Please also check ongoing floating volatility patterns of Biotron Ltd and DOW.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
    
  Returns 

Biotron Ltd Ord  vs.  DOW

 Performance (%) 
    
  Timeline 

Pair Volatility

Assuming 30 trading days horizon, Biotron Ltd Ord is expected to generate 23.88 times more return on investment than DOW. However, Biotron Ltd is 23.88 times more volatile than DOW. It trades about 0.02 of its potential returns per unit of risk. DOW is currently generating about 0.31 per unit of risk. If you would invest  5.20  in Biotron Ltd Ord on December 20, 2019 and sell it today you would lose (1.10)  from holding Biotron Ltd Ord or give up 21.15% of portfolio value over 30 days.

Pair Corralation between Biotron Ltd and DOW

-0.82
Time Period3 Months [change]
DirectionNegative 
StrengthSignificant
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for Biotron Ltd and DOW

Biotron Ltd Ord diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Biotron Ltd Ord and DOW in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DOW and Biotron Ltd 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 Biotron Ltd Ord are associated (or correlated) with DOW. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOW has no effect on the direction of Biotron Ltd i.e. Biotron Ltd and DOW go up and down completely randomly.
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See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.