Correlation Between BLAIR CORP and BIGSTAR ENTERTAINMENT

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both BLAIR CORP and BIGSTAR ENTERTAINMENT 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 BLAIR CORP and BIGSTAR ENTERTAINMENT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BLAIR CORP and BIGSTAR ENTERTAINMENT INC, you can compare the effects of market volatilities on BLAIR CORP and BIGSTAR ENTERTAINMENT 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 BLAIR CORP with a short position of BIGSTAR ENTERTAINMENT. Check out your portfolio center. Please also check ongoing floating volatility patterns of BLAIR CORP and BIGSTAR ENTERTAINMENT.

Diversification Opportunities for BLAIR CORP and BIGSTAR ENTERTAINMENT

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between BLAIR and BIGSTAR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BLAIR CORP and BIGSTAR ENTERTAINMENT INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIGSTAR ENTERTAINMENT INC and BLAIR CORP 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 BLAIR CORP are associated (or correlated) with BIGSTAR ENTERTAINMENT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIGSTAR ENTERTAINMENT INC has no effect on the direction of BLAIR CORP i.e., BLAIR CORP and BIGSTAR ENTERTAINMENT go up and down completely randomly.

Pair Corralation between BLAIR CORP and BIGSTAR ENTERTAINMENT

If you would invest (100.00)  in BIGSTAR ENTERTAINMENT INC on February 26, 2022 and sell it today you would earn a total of  100.00  from holding BIGSTAR ENTERTAINMENT INC or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

BLAIR CORP  vs.  BIGSTAR ENTERTAINMENT INC

 Performance (%) 
      Timeline 
BLAIR CORP 
BLAIR Performance
0 of 100
Over the last 90 days BLAIR CORP has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong essential indicators, BLAIR CORP is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
BIGSTAR ENTERTAINMENT INC 
BIGSTAR Performance
0 of 100
Over the last 90 days BIGSTAR ENTERTAINMENT INC has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, BIGSTAR ENTERTAINMENT is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

BLAIR CORP and BIGSTAR ENTERTAINMENT Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with BLAIR CORP and BIGSTAR ENTERTAINMENT

The main advantage of trading using opposite BLAIR CORP and BIGSTAR ENTERTAINMENT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BLAIR CORP position performs unexpectedly, BIGSTAR ENTERTAINMENT 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 BIGSTAR ENTERTAINMENT will offset losses from the drop in BIGSTAR ENTERTAINMENT's long position.
The idea behind BLAIR CORP and BIGSTAR ENTERTAINMENT 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.
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.

Other Complementary Tools

Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.
Go
Portfolio Optimization
Compute new portfolio that will generate highest expected return given your specified tolerance for risk
Go
ETF Directory
Find actively traded Exchange Traded Funds (ETF) from around the world
Go
Portfolio Volatility
Check portfolio volatility and analyze historical return density to properly model market risk
Go
Sync Your Broker
Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.
Go
Analyst Recommendations
Analyst recommendations and target price estimates broken down by several categories
Go
Fundamentals Comparison
Compare fundamentals across multiple equities to find investing opportunities
Go
Watchlist Optimization
Optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm
Go
Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios
Go
Bollinger Bands
Use Bollinger Bands indicator to analyze target price for a given investing horizon
Go