Correlation Between BOS BETTER and GAMESTOP
Can any of the company-specific risk be diversified away by investing in both BOS BETTER and GAMESTOP 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 GAMESTOP 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 GAMESTOP, you can compare the effects of market volatilities on BOS BETTER and GAMESTOP 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 GAMESTOP. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS BETTER and GAMESTOP.
Diversification Opportunities for BOS BETTER and GAMESTOP
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BOS and GAMESTOP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BOS BETTER ONLINE and GAMESTOP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GAMESTOP 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 GAMESTOP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GAMESTOP has no effect on the direction of BOS BETTER i.e., BOS BETTER and GAMESTOP go up and down completely randomly.
Pair Corralation between BOS BETTER and GAMESTOP
If you would invest 2,018 in GAMESTOP on October 29, 2024 and sell it today you would earn a total of 553.00 from holding GAMESTOP or generate 27.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
BOS BETTER ONLINE vs. GAMESTOP
Performance |
| Timeline |
| BOS BETTER ONLINE |
| GAMESTOP |
BOS BETTER and GAMESTOP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS BETTER and GAMESTOP
The main advantage of trading using opposite BOS BETTER and GAMESTOP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS BETTER position performs unexpectedly, GAMESTOP 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 GAMESTOP will offset losses from the drop in GAMESTOP's long position.| BOS BETTER vs. American Public Education | BOS BETTER vs. American Airlines Group | BOS BETTER vs. Perdoceo Education | BOS BETTER vs. EMBARK EDUCATION LTD |
| GAMESTOP vs. CAREER EDUCATION | GAMESTOP vs. Lendlease Group | GAMESTOP vs. betterU Education Corp | GAMESTOP vs. Adtalem Global Education |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |