Correlation Between Genco Shipping and BOS BETTER
Can any of the company-specific risk be diversified away by investing in both Genco Shipping and BOS BETTER 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 Genco Shipping and BOS BETTER into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genco Shipping Trading and BOS BETTER ONLINE, you can compare the effects of market volatilities on Genco Shipping and BOS BETTER 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 Genco Shipping with a short position of BOS BETTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genco Shipping and BOS BETTER.
Diversification Opportunities for Genco Shipping and BOS BETTER
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genco and BOS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Genco Shipping Trading and BOS BETTER ONLINE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOS BETTER ONLINE and Genco Shipping 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 Genco Shipping Trading are associated (or correlated) with BOS BETTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOS BETTER ONLINE has no effect on the direction of Genco Shipping i.e., Genco Shipping and BOS BETTER go up and down completely randomly.
Pair Corralation between Genco Shipping and BOS BETTER
If you would invest 1,417 in Genco Shipping Trading on August 30, 2024 and sell it today you would earn a total of 170.00 from holding Genco Shipping Trading or generate 12.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Genco Shipping Trading vs. BOS BETTER ONLINE
Performance |
| Timeline |
| Genco Shipping Trading |
| BOS BETTER ONLINE |
Genco Shipping and BOS BETTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genco Shipping and BOS BETTER
The main advantage of trading using opposite Genco Shipping and BOS BETTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genco Shipping position performs unexpectedly, BOS BETTER 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 BOS BETTER will offset losses from the drop in BOS BETTER's long position.| Genco Shipping vs. PACIFIC ONLINE | Genco Shipping vs. FAST RETAIL ADR | Genco Shipping vs. BURLINGTON STORES | Genco Shipping vs. YATRA ONLINE DL 0001 |
| BOS BETTER vs. Apple Inc | BOS BETTER vs. Apple Inc | BOS BETTER vs. Superior Plus Corp | BOS BETTER vs. SIVERS SEMICONDUCTORS AB |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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