Correlation Between BOS Better and AcuityAds Holdings
Can any of the company-specific risk be diversified away by investing in both BOS Better and AcuityAds Holdings 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 AcuityAds Holdings 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 AcuityAds Holdings, you can compare the effects of market volatilities on BOS Better and AcuityAds Holdings 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 AcuityAds Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS Better and AcuityAds Holdings.
Diversification Opportunities for BOS Better and AcuityAds Holdings
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BOS and AcuityAds is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding BOS Better Online and AcuityAds Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AcuityAds Holdings 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 AcuityAds Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AcuityAds Holdings has no effect on the direction of BOS Better i.e., BOS Better and AcuityAds Holdings go up and down completely randomly.
Pair Corralation between BOS Better and AcuityAds Holdings
If you would invest 292.00 in BOS Better Online on September 5, 2024 and sell it today you would earn a total of 50.00 from holding BOS Better Online or generate 17.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.55% |
| Values | Daily Returns |
BOS Better Online vs. AcuityAds Holdings
Performance |
| Timeline |
| BOS Better Online |
| AcuityAds Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
BOS Better and AcuityAds Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS Better and AcuityAds Holdings
The main advantage of trading using opposite BOS Better and AcuityAds Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS Better position performs unexpectedly, AcuityAds Holdings 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 AcuityAds Holdings will offset losses from the drop in AcuityAds Holdings' 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 |
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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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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