Correlation Between BigBearai Holdings and CLEARWATER
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By analyzing existing cross correlation between BigBearai Holdings and CLEARWATER PAPER P, you can compare the effects of market volatilities on BigBearai Holdings and CLEARWATER 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 BigBearai Holdings with a short position of CLEARWATER. Check out your portfolio center. Please also check ongoing floating volatility patterns of BigBearai Holdings and CLEARWATER.
Diversification Opportunities for BigBearai Holdings and CLEARWATER
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between BigBearai and CLEARWATER is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding BigBearai Holdings and CLEARWATER PAPER P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CLEARWATER PAPER P and BigBearai Holdings 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 BigBearai Holdings are associated (or correlated) with CLEARWATER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CLEARWATER PAPER P has no effect on the direction of BigBearai Holdings i.e., BigBearai Holdings and CLEARWATER go up and down completely randomly.
Pair Corralation between BigBearai Holdings and CLEARWATER
Given the investment horizon of 90 days BigBearai Holdings is expected to generate 10.42 times more return on investment than CLEARWATER. However, BigBearai Holdings is 10.42 times more volatile than CLEARWATER PAPER P. It trades about 0.13 of its potential returns per unit of risk. CLEARWATER PAPER P is currently generating about -0.1 per unit of risk. If you would invest 158.00 in BigBearai Holdings on September 15, 2024 and sell it today you would earn a total of 94.00 from holding BigBearai Holdings or generate 59.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 81.25% |
Values | Daily Returns |
BigBearai Holdings vs. CLEARWATER PAPER P
Performance |
Timeline |
BigBearai Holdings |
CLEARWATER PAPER P |
BigBearai Holdings and CLEARWATER Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BigBearai Holdings and CLEARWATER
The main advantage of trading using opposite BigBearai Holdings and CLEARWATER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BigBearai Holdings position performs unexpectedly, CLEARWATER 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 CLEARWATER will offset losses from the drop in CLEARWATER's long position.BigBearai Holdings vs. Innodata | BigBearai Holdings vs. CLPS Inc | BigBearai Holdings vs. ARB IOT Group | BigBearai Holdings vs. FiscalNote Holdings |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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