Correlation Between BOS BETTER and GRIFFIN MINING
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and GRIFFIN MINING 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 GRIFFIN MINING 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 GRIFFIN MINING LTD, you can compare the effects of market volatilities on BOS BETTER and GRIFFIN MINING 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 GRIFFIN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and GRIFFIN MINING.
Diversification Opportunities for BOS BETTER and GRIFFIN MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BOS and GRIFFIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and GRIFFIN MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIFFIN MINING LTD 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 GRIFFIN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIFFIN MINING LTD has no effect on the direction of BOS BETTER i.e., BOS BETTER and GRIFFIN MINING go up and down completely randomly.
Pair Corralation between BOS BETTER and GRIFFIN MINING
If you would invest 92.00 in GRIFFIN MINING LTD on September 1, 2024 and sell it today you would earn a total of 80.00 from holding GRIFFIN MINING LTD or generate 86.96% 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. GRIFFIN MINING LTD
Performance |
| Timeline |
| BOS BETTER ONLINE |
| GRIFFIN MINING LTD |
BOS BETTER and GRIFFIN MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and GRIFFIN MINING
The main advantage of trading using opposite BOS BETTER and GRIFFIN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, GRIFFIN MINING 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 GRIFFIN MINING will offset losses from the drop in GRIFFIN MINING'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 |
| GRIFFIN MINING vs. Microbot Medical | GRIFFIN MINING vs. VIRGIN WINES UK | GRIFFIN MINING vs. Japan Medical Dynamic | GRIFFIN MINING vs. JAPAN TOBACCO UNSPADR12 |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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