Correlation Between Boxed and JD
Can any of the company-specific risk be diversified away by investing in both Boxed and JD 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 Boxed and JD into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boxed Inc and JD Inc Adr, you can compare the effects of market volatilities on Boxed and JD 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 Boxed with a short position of JD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boxed and JD.
Diversification Opportunities for Boxed and JD
Pay attention - limited upside
The 3 months correlation between Boxed and JD is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Boxed Inc and JD Inc Adr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JD Inc Adr and Boxed 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 Boxed Inc are associated (or correlated) with JD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JD Inc Adr has no effect on the direction of Boxed i.e., Boxed and JD go up and down completely randomly.
Pair Corralation between Boxed and JD
If you would invest (100.00) in Boxed Inc on August 29, 2024 and sell it today you would earn a total of 100.00 from holding Boxed Inc or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Boxed Inc vs. JD Inc Adr
Performance |
| Timeline |
| Boxed Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| JD Inc Adr |
Boxed and JD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boxed and JD
The main advantage of trading using opposite Boxed and JD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boxed position performs unexpectedly, JD 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 JD will offset losses from the drop in JD's long position.| Boxed vs. Assurant | Boxed vs. Sun Life Financial | Boxed vs. Aegon NV ADR | Boxed vs. CF Industries Holdings |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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