Correlation Between Bassett Furniture and 713448FS2
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By analyzing existing cross correlation between Bassett Furniture Industries and PEP 445 15 FEB 33, you can compare the effects of market volatilities on Bassett Furniture and 713448FS2 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 Bassett Furniture with a short position of 713448FS2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bassett Furniture and 713448FS2.
Diversification Opportunities for Bassett Furniture and 713448FS2
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bassett and 713448FS2 is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Bassett Furniture Industries and PEP 445 15 FEB 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PEP 445 15 and Bassett Furniture 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 Bassett Furniture Industries are associated (or correlated) with 713448FS2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PEP 445 15 has no effect on the direction of Bassett Furniture i.e., Bassett Furniture and 713448FS2 go up and down completely randomly.
Pair Corralation between Bassett Furniture and 713448FS2
Given the investment horizon of 90 days Bassett Furniture Industries is expected to generate 3.23 times more return on investment than 713448FS2. However, Bassett Furniture is 3.23 times more volatile than PEP 445 15 FEB 33. It trades about 0.01 of its potential returns per unit of risk. PEP 445 15 FEB 33 is currently generating about -0.02 per unit of risk. If you would invest 1,482 in Bassett Furniture Industries on September 12, 2024 and sell it today you would lose (29.00) from holding Bassett Furniture Industries or give up 1.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.76% |
| Values | Daily Returns |
Bassett Furniture Industries vs. PEP 445 15 FEB 33
Performance |
| Timeline |
| Bassett Furniture |
| PEP 445 15 |
Bassett Furniture and 713448FS2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bassett Furniture and 713448FS2
The main advantage of trading using opposite Bassett Furniture and 713448FS2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bassett Furniture position performs unexpectedly, 713448FS2 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 713448FS2 will offset losses from the drop in 713448FS2's long position.| Bassett Furniture vs. Hooker Furniture | Bassett Furniture vs. Flexsteel Industries | Bassett Furniture vs. Haverty Furniture Companies | Bassett Furniture vs. La Z Boy Incorporated |
| 713448FS2 vs. Bassett Furniture Industries | 713448FS2 vs. LGI Homes | 713448FS2 vs. NL Industries | 713448FS2 vs. Origin Materials |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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