Correlation Between GRUPO CARSO and Bristol Myers

By analyzing existing cross correlation between GRUPO CARSO SAB and Bristol Myers Squibb, you can compare the effects of market volatilities on GRUPO CARSO and Bristol Myers 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 GRUPO CARSO with a short position of Bristol Myers. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRUPO CARSO and Bristol Myers.

Specify exactly 2 symbols:

Can any of the company-specific risk be diversified away by investing in both GRUPO CARSO and Bristol Myers 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 GRUPO CARSO and Bristol Myers into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for GRUPO CARSO and Bristol Myers

  Correlation Coefficient
Bristol Myers Squibb

Weak diversification

The 3 months correlation between GRUPO and Bristol is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding GRUPO CARSO SAB DE CV and Bristol Myers Squibb Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bristol Myers Squibb and GRUPO CARSO 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 GRUPO CARSO SAB are associated (or correlated) with Bristol Myers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bristol Myers Squibb has no effect on the direction of GRUPO CARSO i.e. GRUPO CARSO and Bristol Myers go up and down completely randomly.

Pair Corralation between GRUPO CARSO and Bristol Myers

Assuming the 30 trading days horizon, GRUPO CARSO SAB is expected to under-perform the Bristol Myers. In addition to that, GRUPO CARSO is 2.08 times more volatile than Bristol Myers Squibb. It trades about -0.02 of its total potential returns per unit of risk. Bristol Myers Squibb is currently generating about 0.07 per unit of volatility. If you would invest  5,553  in Bristol Myers Squibb on June 2, 2020 and sell it today you would earn a total of  361.00  from holding Bristol Myers Squibb or generate 6.5% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
ValuesDaily Returns

GRUPO CARSO SAB DE CV  vs.  Bristol Myers Squibb Company

 Performance (%) 

GRUPO CARSO Risk-Adjusted Performance

Over the last 30 days GRUPO CARSO SAB has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, GRUPO CARSO is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Bristol Myers Squibb 

Bristol Myers Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bristol Myers Squibb are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. In spite of fairly weak basic indicators, Bristol Myers may actually be approaching a critical reversion point that can send shares even higher in August 2020.

GRUPO CARSO and Bristol Myers Volatility Contrast

 Predicted Return Density 
Check out your portfolio center. Please also try Bollinger Bands module to use bollinger bands indicator to analyze target price for a given investing horizon.

Macroaxis is not a registered investment advisor or broker/dealer. All investments, including stocks, funds, ETFs, or cryptocurrencies, are speculative and involve substantial risk of loss. We encourage our investors to invest carefully. Much of our information is derived directly from data published by companies or submitted to governmental agencies which we believe are reliable, but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way warrant or guarantee the success of any action you take in reliance on our statements or recommendations. Also, note that past performance is not necessarily indicative of future results. All investments carry risk, and all investment decisions of an individual remain the responsibility of that individual. There is no guarantee that systems, indicators, or signals will result in profits or that they will not result in losses. All investors are advised to fully understand all risks associated with any investing they choose to do. Hypothetical or simulated performance is not indicative of future results. We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown because hypothetical or simulated performance is not necessarily indicative of future results. For more information please visit our terms and condition page