Correlation Between Boeing and EXPNLN
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By analyzing existing cross correlation between The Boeing and EXPNLN 425 01 FEB 29, you can compare the effects of market volatilities on Boeing and EXPNLN 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 EXPNLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boeing and EXPNLN.
Diversification Opportunities for Boeing and EXPNLN
Very good diversification
The 3 months correlation between Boeing and EXPNLN is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding The Boeing and EXPNLN 425 01 FEB 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXPNLN 425 01 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 EXPNLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXPNLN 425 01 has no effect on the direction of Boeing i.e., Boeing and EXPNLN go up and down completely randomly.
Pair Corralation between Boeing and EXPNLN
Allowing for the 90-day total investment horizon The Boeing is expected to under-perform the EXPNLN. In addition to that, Boeing is 2.64 times more volatile than EXPNLN 425 01 FEB 29. It trades about -0.03 of its total potential returns per unit of risk. EXPNLN 425 01 FEB 29 is currently generating about 0.03 per unit of volatility. If you would invest 9,566 in EXPNLN 425 01 FEB 29 on August 31, 2024 and sell it today you would earn a total of 257.00 from holding EXPNLN 425 01 FEB 29 or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 40.91% |
| Values | Daily Returns |
The Boeing vs. EXPNLN 425 01 FEB 29
Performance |
| Timeline |
| Boeing |
| EXPNLN 425 01 |
Boeing and EXPNLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boeing and EXPNLN
The main advantage of trading using opposite Boeing and EXPNLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boeing position performs unexpectedly, EXPNLN 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 EXPNLN will offset losses from the drop in EXPNLN's long position.| Boeing vs. Raytheon Technologies Corp | Boeing vs. Northrop Grumman | Boeing vs. General Dynamics | Boeing vs. L3Harris Technologies |
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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 the Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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