Correlation Between Boston Beer and 36158FAA8
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By analyzing existing cross correlation between Boston Beer and GE GLOBAL INS, you can compare the effects of market volatilities on Boston Beer and 36158FAA8 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 Beer with a short position of 36158FAA8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Beer and 36158FAA8.
Diversification Opportunities for Boston Beer and 36158FAA8
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Boston and 36158FAA8 is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Boston Beer and GE GLOBAL INS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GE GLOBAL INS and Boston Beer 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 Beer are associated (or correlated) with 36158FAA8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GE GLOBAL INS has no effect on the direction of Boston Beer i.e., Boston Beer and 36158FAA8 go up and down completely randomly.
Pair Corralation between Boston Beer and 36158FAA8
Considering the 90-day investment horizon Boston Beer is expected to generate 1.9 times more return on investment than 36158FAA8. However, Boston Beer is 1.9 times more volatile than GE GLOBAL INS. It trades about 0.18 of its potential returns per unit of risk. GE GLOBAL INS is currently generating about 0.01 per unit of risk. If you would invest 26,979 in Boston Beer on September 12, 2024 and sell it today you would earn a total of 4,917 from holding Boston Beer or generate 18.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 71.88% |
| Values | Daily Returns |
Boston Beer vs. GE GLOBAL INS
Performance |
| Timeline |
| Boston Beer |
| GE GLOBAL INS |
Boston Beer and 36158FAA8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boston Beer and 36158FAA8
The main advantage of trading using opposite Boston Beer and 36158FAA8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Beer position performs unexpectedly, 36158FAA8 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 36158FAA8 will offset losses from the drop in 36158FAA8's long position.| Boston Beer vs. Anheuser Busch Inbev | Boston Beer vs. Molson Coors Beverage | Boston Beer vs. Heineken NV | Boston Beer vs. Ambev SA ADR |
| 36158FAA8 vs. Westrock Coffee | 36158FAA8 vs. SNDL Inc | 36158FAA8 vs. TFI International | 36158FAA8 vs. Boston Beer |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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