Correlation Between Bassett Furniture and 913903BA7
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By analyzing existing cross correlation between Bassett Furniture Industries and UHS 265 15 JAN 32, you can compare the effects of market volatilities on Bassett Furniture and 913903BA7 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 913903BA7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bassett Furniture and 913903BA7.
Diversification Opportunities for Bassett Furniture and 913903BA7
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bassett and 913903BA7 is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Bassett Furniture Industries and UHS 265 15 JAN 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UHS 265 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 913903BA7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UHS 265 15 has no effect on the direction of Bassett Furniture i.e., Bassett Furniture and 913903BA7 go up and down completely randomly.
Pair Corralation between Bassett Furniture and 913903BA7
Given the investment horizon of 90 days Bassett Furniture Industries is expected to under-perform the 913903BA7. In addition to that, Bassett Furniture is 3.04 times more volatile than UHS 265 15 JAN 32. It trades about -0.01 of its total potential returns per unit of risk. UHS 265 15 JAN 32 is currently generating about 0.07 per unit of volatility. If you would invest 7,933 in UHS 265 15 JAN 32 on September 5, 2024 and sell it today you would earn a total of 598.00 from holding UHS 265 15 JAN 32 or generate 7.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 71.37% |
| Values | Daily Returns |
Bassett Furniture Industries vs. UHS 265 15 JAN 32
Performance |
| Timeline |
| Bassett Furniture |
| UHS 265 15 |
Bassett Furniture and 913903BA7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bassett Furniture and 913903BA7
The main advantage of trading using opposite Bassett Furniture and 913903BA7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bassett Furniture position performs unexpectedly, 913903BA7 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 913903BA7 will offset losses from the drop in 913903BA7's long position.| Bassett Furniture vs. Flexsteel Industries | Bassett Furniture vs. Crown Crafts | Bassett Furniture vs. MasterBrand | Bassett Furniture vs. MillerKnoll |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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