Correlation Between BOS BETTER and Plastic Omnium
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and Plastic Omnium 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 Plastic Omnium 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 Plastic Omnium, you can compare the effects of market volatilities on BOS BETTER and Plastic Omnium 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 Plastic Omnium. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and Plastic Omnium.
Diversification Opportunities for BOS BETTER and Plastic Omnium
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BOS and Plastic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and Plastic Omnium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plastic Omnium 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 Plastic Omnium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plastic Omnium has no effect on the direction of BOS BETTER i.e., BOS BETTER and Plastic Omnium go up and down completely randomly.
Pair Corralation between BOS BETTER and Plastic Omnium
If you would invest 985.00 in Plastic Omnium on October 19, 2024 and sell it today you would earn a total of 89.00 from holding Plastic Omnium or generate 9.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 88.89% |
| Values | Daily Returns |
BOS BETTER ONLINE vs. Plastic Omnium
Performance |
| Timeline |
| BOS BETTER ONLINE |
| Plastic Omnium |
BOS BETTER and Plastic Omnium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and Plastic Omnium
The main advantage of trading using opposite BOS BETTER and Plastic Omnium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, Plastic Omnium 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 Plastic Omnium will offset losses from the drop in Plastic Omnium's long position.| BOS BETTER vs. CARSALESCOM | BOS BETTER vs. Silicon Motion Technology | BOS BETTER vs. GungHo Online Entertainment | BOS BETTER vs. CarsalesCom |
| Plastic Omnium vs. FRACTAL GAMING GROUP | Plastic Omnium vs. DETALION GAMES SA | Plastic Omnium vs. FORWARD AIR P | Plastic Omnium vs. CONTAGIOUS GAMING 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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