Correlation Between Bigblu Broadband and EVS Broadcast
Can any of the company-specific risk be diversified away by investing in both Bigblu Broadband and EVS Broadcast at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bigblu Broadband and EVS Broadcast into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bigblu Broadband PLC and EVS Broadcast Equipment, you can compare the effects of market volatilities on Bigblu Broadband and EVS Broadcast 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 Bigblu Broadband with a short position of EVS Broadcast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bigblu Broadband and EVS Broadcast.
Diversification Opportunities for Bigblu Broadband and EVS Broadcast
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bigblu and EVS is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Bigblu Broadband PLC and EVS Broadcast Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EVS Broadcast Equipment and Bigblu Broadband 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 Bigblu Broadband PLC are associated (or correlated) with EVS Broadcast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EVS Broadcast Equipment has no effect on the direction of Bigblu Broadband i.e., Bigblu Broadband and EVS Broadcast go up and down completely randomly.
Pair Corralation between Bigblu Broadband and EVS Broadcast
Assuming the 90 days trading horizon Bigblu Broadband PLC is expected to under-perform the EVS Broadcast. In addition to that, Bigblu Broadband is 1.9 times more volatile than EVS Broadcast Equipment. It trades about -0.11 of its total potential returns per unit of risk. EVS Broadcast Equipment is currently generating about 0.06 per unit of volatility. If you would invest 3,539 in EVS Broadcast Equipment on April 25, 2025 and sell it today you would earn a total of 186.00 from holding EVS Broadcast Equipment or generate 5.26% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 98.41% |
Values | Daily Returns |
Bigblu Broadband PLC vs. EVS Broadcast Equipment
Performance |
Timeline |
Bigblu Broadband PLC |
EVS Broadcast Equipment |
Bigblu Broadband and EVS Broadcast Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bigblu Broadband and EVS Broadcast
The main advantage of trading using opposite Bigblu Broadband and EVS Broadcast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bigblu Broadband position performs unexpectedly, EVS Broadcast 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 EVS Broadcast will offset losses from the drop in EVS Broadcast's long position.Bigblu Broadband vs. SupplyMe Capital PLC | Bigblu Broadband vs. SANTANDER UK 8 | Bigblu Broadband vs. SANTANDER UK 10 | Bigblu Broadband vs. Coor Service Management |
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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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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