Correlation Between Wabash National and BOEING
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By analyzing existing cross correlation between Wabash National and BOEING CO, you can compare the effects of market volatilities on Wabash National and BOEING 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 Wabash National with a short position of BOEING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wabash National and BOEING.
Diversification Opportunities for Wabash National and BOEING
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Wabash and BOEING is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Wabash National and BOEING CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOEING CO and Wabash National 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 Wabash National are associated (or correlated) with BOEING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOEING CO has no effect on the direction of Wabash National i.e., Wabash National and BOEING go up and down completely randomly.
Pair Corralation between Wabash National and BOEING
Considering the 90-day investment horizon Wabash National is expected to generate 1.39 times more return on investment than BOEING. However, Wabash National is 1.39 times more volatile than BOEING CO. It trades about 0.02 of its potential returns per unit of risk. BOEING CO is currently generating about -0.16 per unit of risk. If you would invest 2,010 in Wabash National on September 12, 2024 and sell it today you would earn a total of 12.50 from holding Wabash National or generate 0.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wabash National vs. BOEING CO
Performance |
| Timeline |
| Wabash National |
| BOEING CO |
Wabash National and BOEING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wabash National and BOEING
The main advantage of trading using opposite Wabash National and BOEING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wabash National position performs unexpectedly, BOEING 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 BOEING will offset losses from the drop in BOEING's long position.| Wabash National vs. Manitowoc | Wabash National vs. Alamo Group | Wabash National vs. AGCO Corporation | Wabash National vs. Oshkosh |
| BOEING vs. National Beverage Corp | BOEING vs. FitLife Brands, Common | BOEING vs. Air Lease | BOEING vs. Global Ship Lease |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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