Correlation Between Bausch Lomb and 88167AAP6
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By analyzing existing cross correlation between Bausch Lomb Corp and TEVA 475 09 MAY 27, you can compare the effects of market volatilities on Bausch Lomb and 88167AAP6 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 Bausch Lomb with a short position of 88167AAP6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bausch Lomb and 88167AAP6.
Diversification Opportunities for Bausch Lomb and 88167AAP6
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bausch and 88167AAP6 is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Lomb Corp and TEVA 475 09 MAY 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TEVA 475 09 and Bausch Lomb 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 Bausch Lomb Corp are associated (or correlated) with 88167AAP6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TEVA 475 09 has no effect on the direction of Bausch Lomb i.e., Bausch Lomb and 88167AAP6 go up and down completely randomly.
Pair Corralation between Bausch Lomb and 88167AAP6
Given the investment horizon of 90 days Bausch Lomb Corp is expected to generate 0.72 times more return on investment than 88167AAP6. However, Bausch Lomb Corp is 1.38 times less risky than 88167AAP6. It trades about 0.08 of its potential returns per unit of risk. TEVA 475 09 MAY 27 is currently generating about -0.24 per unit of risk. If you would invest 2,000 in Bausch Lomb Corp on July 21, 2024 and sell it today you would earn a total of 63.00 from holding Bausch Lomb Corp or generate 3.15% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 91.3% |
Values | Daily Returns |
Bausch Lomb Corp vs. TEVA 475 09 MAY 27
Performance |
Timeline |
Bausch Lomb Corp |
TEVA 475 09 |
Bausch Lomb and 88167AAP6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bausch Lomb and 88167AAP6
The main advantage of trading using opposite Bausch Lomb and 88167AAP6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bausch Lomb position performs unexpectedly, 88167AAP6 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 88167AAP6 will offset losses from the drop in 88167AAP6's long position.Bausch Lomb vs. The Cooper Companies, | Bausch Lomb vs. ICU Medical | Bausch Lomb vs. Hologic | Bausch Lomb vs. Becton Dickinson and |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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