Correlation Between Boston Scientific and F1R15XK36
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By analyzing existing cross correlation between Boston Scientific Corp and BNP Paribas FRN, you can compare the effects of market volatilities on Boston Scientific and F1R15XK36 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 F1R15XK36. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Scientific and F1R15XK36.
Diversification Opportunities for Boston Scientific and F1R15XK36
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Boston and F1R15XK36 is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Boston Scientific Corp and BNP Paribas FRN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BNP Paribas FRN 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 F1R15XK36. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BNP Paribas FRN has no effect on the direction of Boston Scientific i.e., Boston Scientific and F1R15XK36 go up and down completely randomly.
Pair Corralation between Boston Scientific and F1R15XK36
Considering the 90-day investment horizon Boston Scientific Corp is expected to generate 1.49 times more return on investment than F1R15XK36. However, Boston Scientific is 1.49 times more volatile than BNP Paribas FRN. It trades about 0.14 of its potential returns per unit of risk. BNP Paribas FRN is currently generating about -0.03 per unit of risk. If you would invest 4,581 in Boston Scientific Corp on October 19, 2024 and sell it today you would earn a total of 5,285 from holding Boston Scientific Corp or generate 115.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 46.26% |
| Values | Daily Returns |
Boston Scientific Corp vs. BNP Paribas FRN
Performance |
| Timeline |
| Boston Scientific Corp |
| BNP Paribas FRN |
Boston Scientific and F1R15XK36 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boston Scientific and F1R15XK36
The main advantage of trading using opposite Boston Scientific and F1R15XK36 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Scientific position performs unexpectedly, F1R15XK36 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 F1R15XK36 will offset losses from the drop in F1R15XK36's long position.| Boston Scientific vs. Stryker | Boston Scientific vs. Abbott Laboratories | Boston Scientific vs. Medtronic PLC | Boston Scientific vs. DexCom Inc |
| F1R15XK36 vs. Vita Coco | F1R15XK36 vs. Constellation Brands Class | F1R15XK36 vs. Oatly Group AB | F1R15XK36 vs. Office Properties Income |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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