Correlation Between Boston Scientific and ENTERGY
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By analyzing existing cross correlation between Boston Scientific Corp and ENTERGY LA LLC, you can compare the effects of market volatilities on Boston Scientific and ENTERGY 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 Boston Scientific with a short position of ENTERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Scientific and ENTERGY.
Diversification Opportunities for Boston Scientific and ENTERGY
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Boston and ENTERGY is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Boston Scientific Corp and ENTERGY LA LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENTERGY LA LLC and Boston Scientific 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 Boston Scientific Corp are associated (or correlated) with ENTERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENTERGY LA LLC has no effect on the direction of Boston Scientific i.e., Boston Scientific and ENTERGY go up and down completely randomly.
Pair Corralation between Boston Scientific and ENTERGY
Considering the 90-day investment horizon Boston Scientific Corp is expected to generate 1.85 times more return on investment than ENTERGY. However, Boston Scientific is 1.85 times more volatile than ENTERGY LA LLC. It trades about 0.45 of its potential returns per unit of risk. ENTERGY LA LLC is currently generating about -0.15 per unit of risk. If you would invest 8,866 in Boston Scientific Corp on October 20, 2024 and sell it today you would earn a total of 1,000.00 from holding Boston Scientific Corp or generate 11.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 85.0% |
| Values | Daily Returns |
Boston Scientific Corp vs. ENTERGY LA LLC
Performance |
| Timeline |
| Boston Scientific Corp |
| ENTERGY LA LLC |
Boston Scientific and ENTERGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boston Scientific and ENTERGY
The main advantage of trading using opposite Boston Scientific and ENTERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Scientific position performs unexpectedly, ENTERGY 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 ENTERGY will offset losses from the drop in ENTERGY's long position.| Boston Scientific vs. Stryker | Boston Scientific vs. Abbott Laboratories | Boston Scientific vs. Medtronic PLC | Boston Scientific vs. DexCom Inc |
| ENTERGY vs. AEP TEX INC | ENTERGY vs. US BANK NATIONAL | ENTERGY vs. iHeartCommunications 8375 percent | ENTERGY vs. SEALSQ Corp |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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