Correlation Between BOS Better and UNION
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By analyzing existing cross correlation between BOS Better Online and UNION PAC P, you can compare the effects of market volatilities on BOS Better and UNION 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 UNION. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOS Better and UNION.
Diversification Opportunities for BOS Better and UNION
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BOS and UNION is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding BOS Better Online and UNION PAC P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNION PAC P 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 UNION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNION PAC P has no effect on the direction of BOS Better i.e., BOS Better and UNION go up and down completely randomly.
Pair Corralation between BOS Better and UNION
Given the investment horizon of 90 days BOS Better Online is expected to generate 5.7 times more return on investment than UNION. However, BOS Better is 5.7 times more volatile than UNION PAC P. It trades about 0.05 of its potential returns per unit of risk. UNION PAC P is currently generating about 0.01 per unit of risk. If you would invest 207.00 in BOS Better Online on September 14, 2024 and sell it today you would earn a total of 136.00 from holding BOS Better Online or generate 65.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BOS Better Online vs. UNION PAC P
Performance |
| Timeline |
| BOS Better Online |
| UNION PAC P |
BOS Better and UNION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOS Better and UNION
The main advantage of trading using opposite BOS Better and UNION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOS Better position performs unexpectedly, UNION 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 UNION will offset losses from the drop in UNION's long position.| BOS Better vs. Passage Bio | BOS Better vs. Black Diamond Therapeutics | BOS Better vs. Alector | BOS Better vs. Century Therapeutics |
| UNION vs. Aldel Financial II | UNION vs. BOS Better Online | UNION vs. Alvarium Tiedemann Holdings | UNION vs. Small Cap Premium |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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