Correlation Between Cboe UK and Boston Scientific
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By analyzing existing cross correlation between Cboe UK Consumer and Boston Scientific Corp, you can compare the effects of market volatilities on Cboe UK and Boston Scientific 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 Cboe UK with a short position of Boston Scientific. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cboe UK and Boston Scientific.
Diversification Opportunities for Cboe UK and Boston Scientific
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Cboe and Boston is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Cboe UK Consumer and Boston Scientific Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boston Scientific Corp and Cboe UK 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 Cboe UK Consumer are associated (or correlated) with Boston Scientific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boston Scientific Corp has no effect on the direction of Cboe UK i.e., Cboe UK and Boston Scientific go up and down completely randomly.
Pair Corralation between Cboe UK and Boston Scientific
Assuming the 90 days trading horizon Cboe UK Consumer is expected to under-perform the Boston Scientific. In addition to that, Cboe UK is 1.05 times more volatile than Boston Scientific Corp. It trades about -0.08 of its total potential returns per unit of risk. Boston Scientific Corp is currently generating about 0.11 per unit of volatility. If you would invest 8,938 in Boston Scientific Corp on September 26, 2024 and sell it today you would earn a total of 156.00 from holding Boston Scientific Corp or generate 1.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Cboe UK Consumer vs. Boston Scientific Corp
Performance |
| Timeline |
Cboe UK and Boston Scientific Volatility Contrast
Predicted Return Density |
| Returns |
Cboe UK Consumer
Pair trading matchups for Cboe UK
Boston Scientific Corp
Pair trading matchups for Boston Scientific
Pair Trading with Cboe UK and Boston Scientific
The main advantage of trading using opposite Cboe UK and Boston Scientific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cboe UK position performs unexpectedly, Boston Scientific 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 Boston Scientific will offset losses from the drop in Boston Scientific's long position.| Cboe UK vs. alstria office REIT AG | Cboe UK vs. Infrastrutture Wireless Italiane | Cboe UK vs. MTI Wireless Edge | Cboe UK vs. DFS Furniture PLC |
| Boston Scientific vs. Uniper SE | Boston Scientific vs. Mulberry Group PLC | Boston Scientific vs. London Security Plc | Boston Scientific vs. Triad Group PLC |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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