Correlation Between 17327CAQ6 and Bassett Furniture
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By analyzing existing cross correlation between C 3057 25 JAN 33 and Bassett Furniture Industries, you can compare the effects of market volatilities on 17327CAQ6 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 17327CAQ6 with a short position of Bassett Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of 17327CAQ6 and Bassett Furniture.
Diversification Opportunities for 17327CAQ6 and Bassett Furniture
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 17327CAQ6 and Bassett is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding C 3057 25 JAN 33 and Bassett Furniture Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bassett Furniture and 17327CAQ6 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 C 3057 25 JAN 33 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 17327CAQ6 i.e., 17327CAQ6 and Bassett Furniture go up and down completely randomly.
Pair Corralation between 17327CAQ6 and Bassett Furniture
Assuming the 90 days trading horizon C 3057 25 JAN 33 is expected to under-perform the Bassett Furniture. But the bond apears to be less risky and, when comparing its historical volatility, C 3057 25 JAN 33 is 1.57 times less risky than Bassett Furniture. The bond trades about -0.14 of its potential returns per unit of risk. The Bassett Furniture Industries is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,480 in Bassett Furniture Industries on September 4, 2024 and sell it today you would earn a total of 57.00 from holding Bassett Furniture Industries or generate 3.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
C 3057 25 JAN 33 vs. Bassett Furniture Industries
Performance |
| Timeline |
| C 3057 25 |
| Bassett Furniture |
17327CAQ6 and Bassett Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 17327CAQ6 and Bassett Furniture
The main advantage of trading using opposite 17327CAQ6 and Bassett Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 17327CAQ6 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.| 17327CAQ6 vs. Bassett Furniture Industries | 17327CAQ6 vs. Cedar Realty Trust | 17327CAQ6 vs. Sabra Healthcare REIT | 17327CAQ6 vs. Stepstone Group |
| Bassett Furniture vs. Ethan Allen Interiors | Bassett Furniture vs. Flexsteel Industries | Bassett Furniture vs. Crown Crafts | Bassett Furniture vs. MasterBrand |
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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