Correlation Between Bassett Furniture and 929043AK3
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By analyzing existing cross correlation between Bassett Furniture Industries and VNO 215 01 JUN 26, you can compare the effects of market volatilities on Bassett Furniture and 929043AK3 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 929043AK3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bassett Furniture and 929043AK3.
Diversification Opportunities for Bassett Furniture and 929043AK3
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bassett and 929043AK3 is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Bassett Furniture Industries and VNO 215 01 JUN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VNO 215 01 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 929043AK3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VNO 215 01 has no effect on the direction of Bassett Furniture i.e., Bassett Furniture and 929043AK3 go up and down completely randomly.
Pair Corralation between Bassett Furniture and 929043AK3
Given the investment horizon of 90 days Bassett Furniture Industries is expected to generate 2.8 times more return on investment than 929043AK3. However, Bassett Furniture is 2.8 times more volatile than VNO 215 01 JUN 26. It trades about 0.1 of its potential returns per unit of risk. VNO 215 01 JUN 26 is currently generating about -0.11 per unit of risk. If you would invest 1,375 in Bassett Furniture Industries on September 2, 2024 and sell it today you would earn a total of 148.00 from holding Bassett Furniture Industries or generate 10.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.31% |
| Values | Daily Returns |
Bassett Furniture Industries vs. VNO 215 01 JUN 26
Performance |
| Timeline |
| Bassett Furniture |
| VNO 215 01 |
Bassett Furniture and 929043AK3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bassett Furniture and 929043AK3
The main advantage of trading using opposite Bassett Furniture and 929043AK3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bassett Furniture position performs unexpectedly, 929043AK3 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 929043AK3 will offset losses from the drop in 929043AK3's long position.| Bassett Furniture vs. Willis Lease Finance | Bassett Furniture vs. Rocky Brands | Bassett Furniture vs. First Business Financial |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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