Correlation Between 98877DAC9 and Bassett Furniture
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By analyzing existing cross correlation between ZF North America and Bassett Furniture Industries, you can compare the effects of market volatilities on 98877DAC9 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 98877DAC9 with a short position of Bassett Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of 98877DAC9 and Bassett Furniture.
Diversification Opportunities for 98877DAC9 and Bassett Furniture
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 98877DAC9 and Bassett is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding ZF North America and Bassett Furniture Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bassett Furniture and 98877DAC9 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 ZF North America 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 98877DAC9 i.e., 98877DAC9 and Bassett Furniture go up and down completely randomly.
Pair Corralation between 98877DAC9 and Bassett Furniture
Assuming the 90 days trading horizon ZF North America is expected to generate 36.25 times more return on investment than Bassett Furniture. However, 98877DAC9 is 36.25 times more volatile than Bassett Furniture Industries. It trades about 0.06 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 9,729 in ZF North America on September 7, 2024 and sell it today you would earn a total of 146.00 from holding ZF North America or generate 1.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 83.86% |
| Values | Daily Returns |
ZF North America vs. Bassett Furniture Industries
Performance |
| Timeline |
| ZF North America |
| Bassett Furniture |
98877DAC9 and Bassett Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 98877DAC9 and Bassett Furniture
The main advantage of trading using opposite 98877DAC9 and Bassett Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 98877DAC9 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.| 98877DAC9 vs. Iridium Communications | 98877DAC9 vs. Kandi Technologies Group | 98877DAC9 vs. Vita Coco | 98877DAC9 vs. Suntory Beverage Food |
| 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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