Correlation Between BOS BETTER and Eidesvik Offshore
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and Eidesvik Offshore 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 Eidesvik Offshore 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 Eidesvik Offshore ASA, you can compare the effects of market volatilities on BOS BETTER and Eidesvik Offshore 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 Eidesvik Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and Eidesvik Offshore.
Diversification Opportunities for BOS BETTER and Eidesvik Offshore
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BOS and Eidesvik is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and Eidesvik Offshore ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eidesvik Offshore ASA 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 Eidesvik Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eidesvik Offshore ASA has no effect on the direction of BOS BETTER i.e., BOS BETTER and Eidesvik Offshore go up and down completely randomly.
Pair Corralation between BOS BETTER and Eidesvik Offshore
If you would invest 236.00 in BOS BETTER ONLINE on September 1, 2024 and sell it today you would earn a total of 0.00 from holding BOS BETTER ONLINE 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. Eidesvik Offshore ASA
Performance |
| Timeline |
| BOS BETTER ONLINE |
| Eidesvik Offshore ASA |
BOS BETTER and Eidesvik Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and Eidesvik Offshore
The main advantage of trading using opposite BOS BETTER and Eidesvik Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, Eidesvik Offshore 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 Eidesvik Offshore will offset losses from the drop in Eidesvik Offshore's long position.| BOS BETTER vs. SIVERS SEMICONDUCTORS AB | BOS BETTER vs. Darden Restaurants | BOS BETTER vs. Reliance Steel Aluminum | BOS BETTER vs. Q2M Managementberatung AG |
| Eidesvik Offshore vs. BURLINGTON STORES | Eidesvik Offshore vs. Burlington Stores | Eidesvik Offshore vs. BJs Wholesale Club | Eidesvik Offshore vs. RETAIL FOOD GROUP |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |