Correlation Between Bassett Furniture and INTNED
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By analyzing existing cross correlation between Bassett Furniture Industries and INTNED 4252 28 MAR 33, you can compare the effects of market volatilities on Bassett Furniture and INTNED 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 Bassett Furniture with a short position of INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bassett Furniture and INTNED.
Diversification Opportunities for Bassett Furniture and INTNED
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bassett and INTNED is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Bassett Furniture Industries and INTNED 4252 28 MAR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 4252 28 and Bassett Furniture 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 Bassett Furniture Industries are associated (or correlated) with INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 4252 28 has no effect on the direction of Bassett Furniture i.e., Bassett Furniture and INTNED go up and down completely randomly.
Pair Corralation between Bassett Furniture and INTNED
Given the investment horizon of 90 days Bassett Furniture Industries is expected to under-perform the INTNED. But the stock apears to be less risky and, when comparing its historical volatility, Bassett Furniture Industries is 1.61 times less risky than INTNED. The stock trades about -0.21 of its potential returns per unit of risk. The INTNED 4252 28 MAR 33 is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 9,410 in INTNED 4252 28 MAR 33 on September 26, 2024 and sell it today you would lose (338.00) from holding INTNED 4252 28 MAR 33 or give up 3.59% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 90.48% |
Values | Daily Returns |
Bassett Furniture Industries vs. INTNED 4252 28 MAR 33
Performance |
Timeline |
Bassett Furniture |
INTNED 4252 28 |
Bassett Furniture and INTNED Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bassett Furniture and INTNED
The main advantage of trading using opposite Bassett Furniture and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bassett Furniture position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED's long position.Bassett Furniture vs. Hooker Furniture | Bassett Furniture vs. Flexsteel Industries | Bassett Furniture vs. Haverty Furniture Companies | Bassett Furniture vs. La Z Boy Incorporated |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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