Correlation Between BOEING and Flexible Solutions
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By analyzing existing cross correlation between BOEING CO and Flexible Solutions International, you can compare the effects of market volatilities on BOEING and Flexible Solutions 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 BOEING with a short position of Flexible Solutions. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOEING and Flexible Solutions.
Diversification Opportunities for BOEING and Flexible Solutions
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BOEING and Flexible is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding BOEING CO and Flexible Solutions Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flexible Solutions and BOEING 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 BOEING CO are associated (or correlated) with Flexible Solutions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flexible Solutions has no effect on the direction of BOEING i.e., BOEING and Flexible Solutions go up and down completely randomly.
Pair Corralation between BOEING and Flexible Solutions
Assuming the 90 days trading horizon BOEING is expected to generate 122.78 times less return on investment than Flexible Solutions. But when comparing it to its historical volatility, BOEING CO is 13.07 times less risky than Flexible Solutions. It trades about 0.01 of its potential returns per unit of risk. Flexible Solutions International is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 400.00 in Flexible Solutions International on September 1, 2024 and sell it today you would earn a total of 15.00 from holding Flexible Solutions International or generate 3.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
BOEING CO vs. Flexible Solutions Internation
Performance |
| Timeline |
| BOEING CO |
| Flexible Solutions |
BOEING and Flexible Solutions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOEING and Flexible Solutions
The main advantage of trading using opposite BOEING and Flexible Solutions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOEING position performs unexpectedly, Flexible Solutions 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 Flexible Solutions will offset losses from the drop in Flexible Solutions' long position.| BOEING vs. Flexible Solutions International | BOEING vs. Chemours Co | BOEING vs. Air Products and | BOEING vs. KVH Industries |
| Flexible Solutions vs. Orion Engineered Carbons | Flexible Solutions vs. International Flavors Fragrances | Flexible Solutions vs. Sociedad Quimica y | Flexible Solutions vs. Albemarle Corp |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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