Correlation Between AKA Brands and Boxed
Can any of the company-specific risk be diversified away by investing in both AKA Brands and Boxed 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 AKA Brands and Boxed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AKA Brands Holding and Boxed Inc, you can compare the effects of market volatilities on AKA Brands and Boxed 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 AKA Brands with a short position of Boxed. Check out your portfolio center. Please also check ongoing floating volatility patterns of AKA Brands and Boxed.
Diversification Opportunities for AKA Brands and Boxed
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AKA and Boxed is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AKA Brands Holding and Boxed Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boxed Inc and AKA Brands 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 AKA Brands Holding are associated (or correlated) with Boxed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boxed Inc has no effect on the direction of AKA Brands i.e., AKA Brands and Boxed go up and down completely randomly.
Pair Corralation between AKA Brands and Boxed
If you would invest 2,200 in AKA Brands Holding on August 28, 2024 and sell it today you would lose (87.00) from holding AKA Brands Holding or give up 3.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
AKA Brands Holding vs. Boxed Inc
Performance |
| Timeline |
| AKA Brands Holding |
| Boxed Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AKA Brands and Boxed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AKA Brands and Boxed
The main advantage of trading using opposite AKA Brands and Boxed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AKA Brands position performs unexpectedly, Boxed 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 Boxed will offset losses from the drop in Boxed's long position.| AKA Brands vs. Brilliant Earth Group | AKA Brands vs. Lulus Fashion Lounge | AKA Brands vs. Torrid Holdings | AKA Brands vs. Aveanna Healthcare Holdings |
| Boxed vs. Sweetgreen | Boxed vs. Papaya Growth Opportunity | Boxed vs. The Cheesecake Factory | Boxed vs. Rave Restaurant Group |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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