Correlation Between BOEING and Lion One
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By analyzing existing cross correlation between BOEING CO and Lion One Metals, you can compare the effects of market volatilities on BOEING and Lion One 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 Lion One. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOEING and Lion One.
Diversification Opportunities for BOEING and Lion One
Significant diversification
The 3 months correlation between BOEING and Lion is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding BOEING CO and Lion One Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lion One Metals 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 Lion One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lion One Metals has no effect on the direction of BOEING i.e., BOEING and Lion One go up and down completely randomly.
Pair Corralation between BOEING and Lion One
Assuming the 90 days trading horizon BOEING CO is expected to generate 0.16 times more return on investment than Lion One. However, BOEING CO is 6.25 times less risky than Lion One. It trades about -0.01 of its potential returns per unit of risk. Lion One Metals is currently generating about -0.08 per unit of risk. If you would invest 9,959 in BOEING CO on September 4, 2024 and sell it today you would lose (204.00) from holding BOEING CO or give up 2.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
BOEING CO vs. Lion One Metals
Performance |
| Timeline |
| BOEING CO |
| Lion One Metals |
BOEING and Lion One Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOEING and Lion One
The main advantage of trading using opposite BOEING and Lion One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOEING position performs unexpectedly, Lion One 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 Lion One will offset losses from the drop in Lion One's long position.| BOEING vs. Herc Holdings | BOEING vs. Air Lease | BOEING vs. Mitsubishi UFJ Lease | BOEING vs. Amkor Technology |
| Lion One vs. Irving Resources | Lion One vs. Headwater Gold | Lion One vs. Novo Resources Corp | Lion One vs. Snowline Gold 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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