Correlation Between Hyliion Hldg and Boson Protocol

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

Diversification Opportunities for Hyliion Hldg and Boson Protocol

0.85
  Correlation Coefficient

Very poor diversification

The 3 months correlation between Hyliion and Boson is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Hyliion Hldg Corp and Boson Protocol in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boson Protocol and Hyliion Hldg 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 Hyliion Hldg Corp are associated (or correlated) with Boson Protocol. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boson Protocol has no effect on the direction of Hyliion Hldg i.e., Hyliion Hldg and Boson Protocol go up and down completely randomly.

Pair Corralation between Hyliion Hldg and Boson Protocol

Given the investment horizon of 90 days Hyliion Hldg Corp is expected to under-perform the Boson Protocol. But the stock apears to be less risky and, when comparing its historical volatility, Hyliion Hldg Corp is 1.42 times less risky than Boson Protocol. The stock trades about -0.39 of its potential returns per unit of risk. The Boson Protocol is currently generating about -0.18 of returns per unit of risk over similar time horizon. If you would invest  26.00  in Boson Protocol on July 1, 2022 and sell it today you would lose (4.00)  from holding Boson Protocol or give up 15.38% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthStrong
Accuracy95.65%
ValuesDaily Returns

Hyliion Hldg Corp  vs.  Boson Protocol

 Performance (%) 
       Timeline  
Hyliion Hldg Corp 
Hyliion Performance
0 of 100
Over the last 90 days Hyliion Hldg Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest conflicting performance, the Stock's essential indicators remain persistent and the latest mess on Wall Street may also be a sign of long-standing gains for the company institutional investors.

Hyliion Price Channel

Boson Protocol 
Boson Performance
4 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Boson Protocol are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak basic indicators, Boson Protocol sustained solid returns over the last few months and may actually be approaching a breakup point.

Boson Price Channel

Hyliion Hldg and Boson Protocol Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Hyliion Hldg and Boson Protocol

The main advantage of trading using opposite Hyliion Hldg and Boson Protocol positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hyliion Hldg position performs unexpectedly, Boson Protocol 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 Boson Protocol will offset losses from the drop in Boson Protocol's long position.
Hyliion Hldg vs. Amazon Inc
The idea behind Hyliion Hldg Corp and Boson Protocol 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.

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