Correlation Between BOS BETTER and High Liner
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and High Liner 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 BOS BETTER and High Liner into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BOS BETTER ONLINE and High Liner Foods, you can compare the effects of market volatilities on BOS BETTER and High Liner 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 BOS BETTER with a short position of High Liner. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and High Liner.
Diversification Opportunities for BOS BETTER and High Liner
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BOS and High is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and High Liner Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on High Liner Foods and BOS BETTER 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 BOS BETTER ONLINE are associated (or correlated) with High Liner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of High Liner Foods has no effect on the direction of BOS BETTER i.e., BOS BETTER and High Liner go up and down completely randomly.
Pair Corralation between BOS BETTER and High Liner
If you would invest 1,010 in High Liner Foods on November 1, 2024 and sell it today you would earn a total of 0.00 from holding High Liner Foods or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BOS BETTER ONLINE vs. High Liner Foods
Performance |
| Timeline |
| BOS BETTER ONLINE |
| High Liner Foods |
BOS BETTER and High Liner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and High Liner
The main advantage of trading using opposite BOS BETTER and High Liner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, High Liner 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 High Liner will offset losses from the drop in High Liner's long position.| BOS BETTER vs. British American Tobacco | BOS BETTER vs. Carsales | BOS BETTER vs. Japan Tobacco | BOS BETTER vs. American Airlines Group |
| High Liner vs. BOS BETTER ONLINE | High Liner vs. Salesforce | High Liner vs. Pebblebrook Hotel Trust | High Liner vs. CARSALESCOM |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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