Correlation Between Boeing and Unified Series

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Can any of the company-specific risk be diversified away by investing in both Boeing and Unified Series 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 Boeing and Unified Series into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Boeing and Unified Series Trust, you can compare the effects of market volatilities on Boeing and Unified Series 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 Boeing with a short position of Unified Series. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boeing and Unified Series.

Diversification Opportunities for Boeing and Unified Series

  Correlation Coefficient

Poor diversification

The 3 months correlation between Boeing and Unified is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding The Boeing and Unified Series Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unified Series Trust and Boeing 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 The Boeing are associated (or correlated) with Unified Series. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unified Series Trust has no effect on the direction of Boeing i.e., Boeing and Unified Series go up and down completely randomly.

Pair Corralation between Boeing and Unified Series

Allowing for the 90-day total investment horizon The Boeing is expected to generate 1.83 times more return on investment than Unified Series. However, Boeing is 1.83 times more volatile than Unified Series Trust. It trades about 0.0 of its potential returns per unit of risk. Unified Series Trust is currently generating about -0.04 per unit of risk. If you would invest  20,552  in The Boeing on December 21, 2022 and sell it today you would lose (75.00)  from holding The Boeing or give up 0.36% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

The Boeing  vs.  Unified Series Trust

 Performance (%) 

Boeing Performance

3 of 100

Compared to the overall equity markets, risk-adjusted returns on investments in The Boeing are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, Boeing is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.
Unified Series Trust 

Unified Performance

3 of 100

Compared to the overall equity markets, risk-adjusted returns on investments in Unified Series Trust are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of rather sound essential indicators, Unified Series is not utilizing all of its potentials. The recent stock price tumult, may contribute to shorter-term losses for the shareholders.

Boeing and Unified Series Volatility Contrast

   Predicted Return Density   

Pair Trading with Boeing and Unified Series

The main advantage of trading using opposite Boeing and Unified Series positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boeing position performs unexpectedly, Unified Series 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 Unified Series will offset losses from the drop in Unified Series' long position.
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The idea behind The Boeing and Unified Series Trust 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.
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.

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