Correlation Between Oriental Culture and Boxed
Can any of the company-specific risk be diversified away by investing in both Oriental Culture and Boxed 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 Oriental Culture and Boxed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oriental Culture Holding and Boxed Inc, you can compare the effects of market volatilities on Oriental Culture and Boxed 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 Oriental Culture with a short position of Boxed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oriental Culture and Boxed.
Diversification Opportunities for Oriental Culture and Boxed
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Oriental and Boxed is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Oriental Culture Holding and Boxed Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boxed Inc and Oriental Culture 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 Oriental Culture Holding are associated (or correlated) with Boxed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boxed Inc has no effect on the direction of Oriental Culture i.e., Oriental Culture and Boxed go up and down completely randomly.
Pair Corralation between Oriental Culture and Boxed
If you would invest 0.01 in Boxed Inc on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Boxed Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Oriental Culture Holding vs. Boxed Inc
Performance |
| Timeline |
| Oriental Culture Holding |
| Boxed Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oriental Culture and Boxed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oriental Culture and Boxed
The main advantage of trading using opposite Oriental Culture and Boxed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oriental Culture position performs unexpectedly, Boxed 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 Boxed will offset losses from the drop in Boxed's long position.| Oriental Culture vs. MDJM | Oriental Culture vs. Southcorp Capital | Oriental Culture vs. Frp Holdings Ord | Oriental Culture vs. Ucommune International |
| Boxed vs. Sun Country Airlines | Boxed vs. Meli Hotels International | Boxed vs. Shake Shack | Boxed vs. Park Hotels Resorts |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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