Correlation Between Boeing and EQUINOR
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By analyzing existing cross correlation between The Boeing and EQUINOR ASA, you can compare the effects of market volatilities on Boeing and EQUINOR 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 Boeing with a short position of EQUINOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boeing and EQUINOR.
Diversification Opportunities for Boeing and EQUINOR
Very good diversification
The 3 months correlation between Boeing and EQUINOR is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding The Boeing and EQUINOR ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EQUINOR ASA and Boeing 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 The Boeing are associated (or correlated) with EQUINOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EQUINOR ASA has no effect on the direction of Boeing i.e., Boeing and EQUINOR go up and down completely randomly.
Pair Corralation between Boeing and EQUINOR
Allowing for the 90-day total investment horizon The Boeing is expected to generate 1.94 times more return on investment than EQUINOR. However, Boeing is 1.94 times more volatile than EQUINOR ASA. It trades about -0.01 of its potential returns per unit of risk. EQUINOR ASA is currently generating about -0.02 per unit of risk. If you would invest 20,052 in The Boeing on November 9, 2024 and sell it today you would lose (1,572) from holding The Boeing or give up 7.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.15% |
| Values | Daily Returns |
The Boeing vs. EQUINOR ASA
Performance |
| Timeline |
| Boeing |
| EQUINOR ASA |
Boeing and EQUINOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boeing and EQUINOR
The main advantage of trading using opposite Boeing and EQUINOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boeing position performs unexpectedly, EQUINOR 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 EQUINOR will offset losses from the drop in EQUINOR's long position.| Boeing vs. Great Western Minerals | Boeing vs. Enterprise Bancorp | Boeing vs. T Rowe Price | Boeing vs. Aviat Networks |
| EQUINOR vs. Merit Medical Systems | EQUINOR vs. Definitive Healthcare Corp | EQUINOR vs. Alvotech | EQUINOR vs. Cardinal Health |
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 Stocks Directory module to find actively traded stocks across global markets.
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