Correlation Between BOEING and Bassett Furniture
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By analyzing existing cross correlation between BOEING CO and Bassett Furniture Industries, you can compare the effects of market volatilities on BOEING and Bassett Furniture 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 Bassett Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOEING and Bassett Furniture.
Diversification Opportunities for BOEING and Bassett Furniture
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between BOEING and Bassett is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding BOEING CO and Bassett Furniture Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bassett Furniture 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 Bassett Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bassett Furniture has no effect on the direction of BOEING i.e., BOEING and Bassett Furniture go up and down completely randomly.
Pair Corralation between BOEING and Bassett Furniture
Assuming the 90 days trading horizon BOEING CO is expected to generate 0.75 times more return on investment than Bassett Furniture. However, BOEING CO is 1.33 times less risky than Bassett Furniture. It trades about 0.02 of its potential returns per unit of risk. Bassett Furniture Industries is currently generating about 0.01 per unit of risk. If you would invest 7,212 in BOEING CO on September 12, 2024 and sell it today you would earn a total of 480.00 from holding BOEING CO or generate 6.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 87.31% |
| Values | Daily Returns |
BOEING CO vs. Bassett Furniture Industries
Performance |
| Timeline |
| BOEING CO |
| Bassett Furniture |
BOEING and Bassett Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOEING and Bassett Furniture
The main advantage of trading using opposite BOEING and Bassett Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOEING position performs unexpectedly, Bassett Furniture 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 Bassett Furniture will offset losses from the drop in Bassett Furniture's long position.| BOEING vs. Bassett Furniture Industries | BOEING vs. Hudson Pacific Properties | BOEING vs. LGI Homes | BOEING vs. GameStop Corp |
| Bassett Furniture vs. Hooker Furniture | Bassett Furniture vs. Flexsteel Industries | Bassett Furniture vs. Haverty Furniture Companies | Bassett Furniture vs. La Z Boy Incorporated |
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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