Correlation Between Fluent and Boston Omaha
Can any of the company-specific risk be diversified away by investing in both Fluent and Boston Omaha at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Fluent and Boston Omaha into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fluent Inc and Boston Omaha Corp, you can compare the effects of market volatilities on Fluent and Boston Omaha 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 Fluent with a short position of Boston Omaha. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fluent and Boston Omaha.
Diversification Opportunities for Fluent and Boston Omaha
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Fluent and Boston is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Fluent Inc and Boston Omaha Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boston Omaha Corp and Fluent 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 Fluent Inc are associated (or correlated) with Boston Omaha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boston Omaha Corp has no effect on the direction of Fluent i.e., Fluent and Boston Omaha go up and down completely randomly.
Pair Corralation between Fluent and Boston Omaha
Given the investment horizon of 90 days Fluent Inc is expected to generate 2.59 times more return on investment than Boston Omaha. However, Fluent is 2.59 times more volatile than Boston Omaha Corp. It trades about 0.01 of its potential returns per unit of risk. Boston Omaha Corp is currently generating about 0.0 per unit of risk. If you would invest 325.00 in Fluent Inc on August 28, 2024 and sell it today you would lose (45.00) from holding Fluent Inc or give up 13.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fluent Inc vs. Boston Omaha Corp
Performance |
| Timeline |
| Fluent Inc |
| Boston Omaha Corp |
Fluent and Boston Omaha Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fluent and Boston Omaha
The main advantage of trading using opposite Fluent and Boston Omaha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fluent position performs unexpectedly, Boston Omaha 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 Omaha will offset losses from the drop in Boston Omaha's long position.| Fluent vs. Marchex | Fluent vs. Dolphin Entertainment | Fluent vs. Beyond Commerce | Fluent vs. MGO Global Common |
| Boston Omaha vs. Mirriad Advertising plc | Boston Omaha vs. INEO Tech Corp | Boston Omaha vs. Innovid Corp | Boston Omaha vs. Townsquare Media |
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 Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |