Correlation Between FEDEX and BOS Better
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By analyzing existing cross correlation between FEDEX P 39 and BOS Better Online, you can compare the effects of market volatilities on FEDEX and BOS Better 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 FEDEX with a short position of BOS Better. Check out your portfolio center. Please also check ongoing floating volatility patterns of FEDEX and BOS Better.
Diversification Opportunities for FEDEX and BOS Better
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FEDEX and BOS is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding FEDEX P 39 and BOS Better Online in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOS Better Online and FEDEX 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 FEDEX P 39 are associated (or correlated) with BOS Better. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOS Better Online has no effect on the direction of FEDEX i.e., FEDEX and BOS Better go up and down completely randomly.
Pair Corralation between FEDEX and BOS Better
Assuming the 90 days trading horizon FEDEX P 39 is expected to generate 19.57 times more return on investment than BOS Better. However, FEDEX is 19.57 times more volatile than BOS Better Online. It trades about 0.04 of its potential returns per unit of risk. BOS Better Online is currently generating about 0.05 per unit of risk. If you would invest 8,848 in FEDEX P 39 on September 3, 2024 and sell it today you would earn a total of 52.00 from holding FEDEX P 39 or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 82.63% |
| Values | Daily Returns |
FEDEX P 39 vs. BOS Better Online
Performance |
| Timeline |
| FEDEX P |
| BOS Better Online |
FEDEX and BOS Better Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FEDEX and BOS Better
The main advantage of trading using opposite FEDEX and BOS Better positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FEDEX position performs unexpectedly, BOS Better 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 BOS Better will offset losses from the drop in BOS Better's long position.The idea behind FEDEX P 39 and BOS Better Online pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| BOS Better vs. Highway Holdings Limited | BOS Better vs. QCR Holdings | BOS Better vs. Partner Communications | BOS Better vs. Acumen Pharmaceuticals |
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 CEOs Directory module to screen CEOs from public companies around the world.
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