Correlation Between Solstad Offshore and Boxed
Can any of the company-specific risk be diversified away by investing in both Solstad Offshore 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 Solstad Offshore and Boxed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Solstad Offshore ASA and Boxed Inc, you can compare the effects of market volatilities on Solstad Offshore 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 Solstad Offshore with a short position of Boxed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Solstad Offshore and Boxed.
Diversification Opportunities for Solstad Offshore and Boxed
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Solstad and Boxed is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Solstad Offshore ASA and Boxed Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boxed Inc and Solstad Offshore 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 Solstad Offshore ASA 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 Solstad Offshore i.e., Solstad Offshore and Boxed go up and down completely randomly.
Pair Corralation between Solstad Offshore and Boxed
If you would invest 0.01 in Boxed Inc on October 22, 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 | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Solstad Offshore ASA vs. Boxed Inc
Performance |
| Timeline |
| Solstad Offshore ASA |
| Boxed Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Solstad Offshore and Boxed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Solstad Offshore and Boxed
The main advantage of trading using opposite Solstad Offshore and Boxed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Solstad Offshore 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.| Solstad Offshore vs. KNOT Offshore Partners | Solstad Offshore vs. Perseus Mining Limited | Solstad Offshore vs. Arrow Electronics | Solstad Offshore vs. Paysafe |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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