Correlation Between EA Bridgeway and IShares Utilities
Can any of the company-specific risk be diversified away by investing in both EA Bridgeway and IShares Utilities 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 EA Bridgeway and IShares Utilities into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EA Bridgeway Omni and iShares Utilities ETF, you can compare the effects of market volatilities on EA Bridgeway and IShares Utilities 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 EA Bridgeway with a short position of IShares Utilities. Check out your portfolio center. Please also check ongoing floating volatility patterns of EA Bridgeway and IShares Utilities.
Diversification Opportunities for EA Bridgeway and IShares Utilities
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BSVO and IShares is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding EA Bridgeway Omni and iShares Utilities ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares Utilities ETF and EA Bridgeway 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 EA Bridgeway Omni are associated (or correlated) with IShares Utilities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares Utilities ETF has no effect on the direction of EA Bridgeway i.e., EA Bridgeway and IShares Utilities go up and down completely randomly.
Pair Corralation between EA Bridgeway and IShares Utilities
Given the investment horizon of 90 days EA Bridgeway Omni is expected to generate 1.64 times more return on investment than IShares Utilities. However, EA Bridgeway is 1.64 times more volatile than iShares Utilities ETF. It trades about 0.06 of its potential returns per unit of risk. iShares Utilities ETF is currently generating about 0.02 per unit of risk. If you would invest 2,268 in EA Bridgeway Omni on September 10, 2025 and sell it today you would earn a total of 96.00 from holding EA Bridgeway Omni or generate 4.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EA Bridgeway Omni vs. iShares Utilities ETF
Performance |
| Timeline |
| EA Bridgeway Omni |
| iShares Utilities ETF |
EA Bridgeway and IShares Utilities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EA Bridgeway and IShares Utilities
The main advantage of trading using opposite EA Bridgeway and IShares Utilities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EA Bridgeway position performs unexpectedly, IShares Utilities 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 IShares Utilities will offset losses from the drop in IShares Utilities' long position.| EA Bridgeway vs. Sprott Uranium Miners | EA Bridgeway vs. Invesco SP SmallCap | EA Bridgeway vs. WisdomTree Emerging Markets | EA Bridgeway vs. First Trust Utilities |
| IShares Utilities vs. iShares Industrials ETF | IShares Utilities vs. iShares Broker Dealers Securities | IShares Utilities vs. iShares MSCI Emerging | IShares Utilities vs. iShares MSCI Australia |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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