Correlation Between Brenmiller Energy and Rumble

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Can any of the company-specific risk be diversified away by investing in both Brenmiller Energy and Rumble 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 Brenmiller Energy and Rumble into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Brenmiller Energy and Rumble Inc, you can compare the effects of market volatilities on Brenmiller Energy and Rumble 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 Brenmiller Energy with a short position of Rumble. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brenmiller Energy and Rumble.

Diversification Opportunities for Brenmiller Energy and Rumble

0.41
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Brenmiller and Rumble is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Brenmiller Energy Ltd and Rumble Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rumble Inc and Brenmiller Energy 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 Brenmiller Energy are associated (or correlated) with Rumble. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rumble Inc has no effect on the direction of Brenmiller Energy i.e., Brenmiller Energy and Rumble go up and down completely randomly.

Pair Corralation between Brenmiller Energy and Rumble

Given the investment horizon of 90 days Brenmiller Energy is expected to generate 18.79 times more return on investment than Rumble. However, Brenmiller Energy is 18.79 times more volatile than Rumble Inc. It trades about 0.08 of its potential returns per unit of risk. Rumble Inc is currently generating about 0.02 per unit of risk. If you would invest  0.00  in Brenmiller Energy on September 6, 2022 and sell it today you would earn a total of  156.00  from holding Brenmiller Energy or generate 9.223372036854776E16% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy34.26%
ValuesDaily Returns

Brenmiller Energy Ltd  vs.  Rumble Inc

 Performance (%) 
       Timeline  
Brenmiller Energy 
Brenmiller Performance
0 of 100
Over the last 90 days Brenmiller Energy has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of conflicting performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in January 2023. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

Brenmiller Price Channel

Rumble Inc 
Rumble Performance
0 of 100
Over the last 90 days Rumble Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with fragile performance in the last few months, the Stock's basic indicators remain relatively steady which may send shares a bit higher in January 2023. The new chaos may also be a sign of medium-term up-swing for the company stakeholders.

Rumble Price Channel

Brenmiller Energy and Rumble Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Brenmiller Energy and Rumble

The main advantage of trading using opposite Brenmiller Energy and Rumble positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brenmiller Energy position performs unexpectedly, Rumble 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 Rumble will offset losses from the drop in Rumble's long position.
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The idea behind Brenmiller Energy and Rumble Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Commodity Channel Index module to use Commodity Channel Index to analyze current equity momentum.

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