Correlation Between BOS BETTER and EPlay Digital
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and EPlay Digital 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 EPlay Digital 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 ePlay Digital, you can compare the effects of market volatilities on BOS BETTER and EPlay Digital 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 EPlay Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and EPlay Digital.
Diversification Opportunities for BOS BETTER and EPlay Digital
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between BOS and EPlay is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and ePlay Digital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ePlay Digital 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 EPlay Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ePlay Digital has no effect on the direction of BOS BETTER i.e., BOS BETTER and EPlay Digital go up and down completely randomly.
Pair Corralation between BOS BETTER and EPlay Digital
If you would invest 0.10 in ePlay Digital on October 26, 2024 and sell it today you would earn a total of 0.00 from holding ePlay Digital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
BOS BETTER ONLINE vs. ePlay Digital
Performance |
| Timeline |
| BOS BETTER ONLINE |
| ePlay Digital |
BOS BETTER and EPlay Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and EPlay Digital
The main advantage of trading using opposite BOS BETTER and EPlay Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, EPlay Digital 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 EPlay Digital will offset losses from the drop in EPlay Digital's long position.| BOS BETTER vs. Wyndham Hotels Resorts | BOS BETTER vs. INTERCONT HOTELS | BOS BETTER vs. Safety Insurance Group | BOS BETTER vs. Sunstone Hotel Investors |
| EPlay Digital vs. TRADEGATE | EPlay Digital vs. PACIFIC ONLINE | EPlay Digital vs. Salesforce | EPlay Digital vs. BOS BETTER ONLINE |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |