Correlation Between BOS BETTER and Caseys General
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and Caseys General 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 Caseys General 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 Caseys General Stores, you can compare the effects of market volatilities on BOS BETTER and Caseys General 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 Caseys General. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and Caseys General.
Diversification Opportunities for BOS BETTER and Caseys General
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BOS and Caseys is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and Caseys General Stores in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Caseys General Stores 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 Caseys General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Caseys General Stores has no effect on the direction of BOS BETTER i.e., BOS BETTER and Caseys General go up and down completely randomly.
Pair Corralation between BOS BETTER and Caseys General
If you would invest 34,800 in Caseys General Stores on September 4, 2024 and sell it today you would earn a total of 5,200 from holding Caseys General Stores or generate 14.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
BOS BETTER ONLINE vs. Caseys General Stores
Performance |
| Timeline |
| BOS BETTER ONLINE |
| Caseys General Stores |
BOS BETTER and Caseys General Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and Caseys General
The main advantage of trading using opposite BOS BETTER and Caseys General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, Caseys General 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 Caseys General will offset losses from the drop in Caseys General's long position.| BOS BETTER vs. TOTAL GABON | BOS BETTER vs. Walgreens Boots Alliance | BOS BETTER vs. Peak Resources Limited |
| Caseys General vs. Apple Inc | Caseys General vs. Apple Inc | Caseys General vs. Apple Inc | Caseys General vs. Apple Inc |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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