Correlation Between Boston Omaha and First Ship
Can any of the company-specific risk be diversified away by investing in both Boston Omaha and First Ship at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Boston Omaha and First Ship into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boston Omaha Corp and First Ship Lease, you can compare the effects of market volatilities on Boston Omaha and First Ship 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 Boston Omaha with a short position of First Ship. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boston Omaha and First Ship.
Diversification Opportunities for Boston Omaha and First Ship
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Boston and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Boston Omaha Corp and First Ship Lease in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Ship Lease and Boston Omaha 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 Boston Omaha Corp are associated (or correlated) with First Ship. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Ship Lease has no effect on the direction of Boston Omaha i.e., Boston Omaha and First Ship go up and down completely randomly.
Pair Corralation between Boston Omaha and First Ship
If you would invest 1,425 in Boston Omaha Corp on December 4, 2024 and sell it today you would lose (1.00) from holding Boston Omaha Corp or give up 0.07% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
Boston Omaha Corp vs. First Ship Lease
Performance |
Timeline |
Boston Omaha Corp |
First Ship Lease |
Boston Omaha and First Ship Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Boston Omaha and First Ship
The main advantage of trading using opposite Boston Omaha and First Ship positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boston Omaha position performs unexpectedly, First Ship 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 First Ship will offset losses from the drop in First Ship's long position.Boston Omaha vs. Integral Ad Science | Boston Omaha vs. Cardlytics | Boston Omaha vs. Cimpress NV | Boston Omaha vs. QuinStreet |
First Ship vs. Bilibili | First Ship vs. Sonida Senior Living | First Ship vs. Bragg Gaming Group | First Ship vs. Cardinal Health |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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