Correlation Between BOS Better and Entegris
Can any of the company-specific risk be diversified away by investing in both BOS Better and Entegris 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 Entegris 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 Entegris, you can compare the effects of market volatilities on BOS Better and Entegris 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 Entegris. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS Better and Entegris.
Diversification Opportunities for BOS Better and Entegris
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between BOS and Entegris is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding BOS Better Online and Entegris in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Entegris 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 Entegris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Entegris has no effect on the direction of BOS Better i.e., BOS Better and Entegris go up and down completely randomly.
Pair Corralation between BOS Better and Entegris
Given the investment horizon of 90 days BOS Better Online is expected to generate 0.55 times more return on investment than Entegris. However, BOS Better Online is 1.81 times less risky than Entegris. It trades about 0.34 of its potential returns per unit of risk. Entegris is currently generating about 0.04 per unit of risk. If you would invest 312.00 in BOS Better Online on September 13, 2024 and sell it today you would earn a total of 32.00 from holding BOS Better Online or generate 10.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BOS Better Online vs. Entegris
Performance |
| Timeline |
| BOS Better Online |
| Entegris |
BOS Better and Entegris Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS Better and Entegris
The main advantage of trading using opposite BOS Better and Entegris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS Better position performs unexpectedly, Entegris 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 Entegris will offset losses from the drop in Entegris' long position.| BOS Better vs. Mynaric AG ADR | BOS Better vs. Knowles Cor | BOS Better vs. Comtech Telecommunications Corp | BOS Better vs. Ituran Location and |
| Entegris vs. ON Semiconductor | Entegris vs. Monolithic Power Systems | Entegris vs. Globalfoundries | Entegris vs. Wisekey International Holding |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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