Correlation Between EXXON and Boston Beer
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By analyzing existing cross correlation between EXXON MOBIL P and Boston Beer, you can compare the effects of market volatilities on EXXON and Boston Beer 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 EXXON with a short position of Boston Beer. Check out your portfolio center. Please also check ongoing floating volatility patterns of EXXON and Boston Beer.
Diversification Opportunities for EXXON and Boston Beer
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EXXON and Boston is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding EXXON MOBIL P and Boston Beer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boston Beer and EXXON 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 EXXON MOBIL P are associated (or correlated) with Boston Beer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boston Beer has no effect on the direction of EXXON i.e., EXXON and Boston Beer go up and down completely randomly.
Pair Corralation between EXXON and Boston Beer
If you would invest 33,340 in Boston Beer on September 16, 2024 and sell it today you would lose (1,839) from holding Boston Beer or give up 5.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
EXXON MOBIL P vs. Boston Beer
Performance |
| Timeline |
| EXXON MOBIL P |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Boston Beer |
EXXON and Boston Beer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EXXON and Boston Beer
The main advantage of trading using opposite EXXON and Boston Beer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EXXON position performs unexpectedly, Boston Beer 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 Boston Beer will offset losses from the drop in Boston Beer's long position.| EXXON vs. WEBTOON Entertainment Common | EXXON vs. Merit Medical Systems | EXXON vs. Afya | EXXON vs. Viemed Healthcare |
| Boston Beer vs. Fomento Economico Mexicano | Boston Beer vs. Carlsberg AS | Boston Beer vs. Molson Coors Beverage | Boston Beer vs. Molson Coors Brewing |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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