Correlation Between Boston Beer and ATRYS HEALTH
Can any of the company-specific risk be diversified away by investing in both Boston Beer and ATRYS HEALTH 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 Boston Beer and ATRYS HEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Boston Beer and ATRYS HEALTH SA, you can compare the effects of market volatilities on Boston Beer and ATRYS HEALTH 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 Boston Beer with a short position of ATRYS HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Beer and ATRYS HEALTH.
Diversification Opportunities for Boston Beer and ATRYS HEALTH
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Boston and ATRYS is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding The Boston Beer and ATRYS HEALTH SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRYS HEALTH SA and Boston Beer 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 Boston Beer are associated (or correlated) with ATRYS HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRYS HEALTH SA has no effect on the direction of Boston Beer i.e., Boston Beer and ATRYS HEALTH go up and down completely randomly.
Pair Corralation between Boston Beer and ATRYS HEALTH
Assuming the 90 days trading horizon The Boston Beer is expected to under-perform the ATRYS HEALTH. But the stock apears to be less risky and, when comparing its historical volatility, The Boston Beer is 2.03 times less risky than ATRYS HEALTH. The stock trades about -0.37 of its potential returns per unit of risk. The ATRYS HEALTH SA is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 327.00 in ATRYS HEALTH SA on November 5, 2024 and sell it today you would earn a total of 5.00 from holding ATRYS HEALTH SA or generate 1.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Boston Beer vs. ATRYS HEALTH SA
Performance |
| Timeline |
| Boston Beer |
| ATRYS HEALTH SA |
Boston Beer and ATRYS HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boston Beer and ATRYS HEALTH
The main advantage of trading using opposite Boston Beer and ATRYS HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Beer position performs unexpectedly, ATRYS HEALTH 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 ATRYS HEALTH will offset losses from the drop in ATRYS HEALTH's long position.| Boston Beer vs. Highlight Communications AG | Boston Beer vs. JD SPORTS FASH | Boston Beer vs. Columbia Sportswear | Boston Beer vs. NTG Nordic Transport |
| ATRYS HEALTH vs. Geely Automobile Holdings | ATRYS HEALTH vs. WillScot Mobile Mini | ATRYS HEALTH vs. Cairo Communication SpA | ATRYS HEALTH vs. ZhongAn Online P |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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