FinanceBoards Widget Spotlight #20: The Company's Most Correlated Stocks Widget
Having Access to the Company’s Most Correlated Stocks that you are holding, trading or researching ranked by how highly they correlate to the company that you are researching could be another set of metrics worth including on your FinanceBoards dashboards(s).
With FinanceBoards you can configure your researching and investing dashboard(s) with any of our 500 + financial data or information widgets which include classic as well as new financial data. In our FinanceBoards Widget Spotlight Series, we pick one or a group of these widgets and explain how it works and go over why you should consider adding it or them to your FinanceBoards dashboard(s).
The Company’s Most Correlated Stocks Widgets lists the top 10 most highly correlated stocks to the company being researched. It shows the Ticker Symbol of the listed Stock, the Market Cap, The Price and the Correlated Value where R is the coefficient of correlation, ranked by the highest correlated alternative stock based on the previous year.
For each Stock that is listed, you can place your cursor over the stock ticker and a short description of the company will appear.
By placing the Company’s Most Correlated Stock Widgets on one of your FinanceBoards dashboard(s) you can have access to the ten most correlated stocks for every stock that you enter into the ticker search located on the top of the platform page. So if for example; you are holding a number of positions on a particular stock and you would like to consider other stocks that correlate highly to the stock that you are holding you can use this research widget to bring up and research the top 10 of those inclusive of their Market Cap and Share Price. Once you select a company that you want to research further you can then enter that company's stock ticker in the ticker search and then have all of the FinanceBoards dashboards including ones that you have created immediately show information and data on that stock.
The breadth of FinanceBoards’ financial research data and information widgets both classic and new are much greater than just the Company’s Most Correlated Stocks Widget. You can also create any Widget yourself from any API and add it to your dashboard(s), either our premade ones or ones you’ve created. Signing up for a free account below is a great way to explore all the widgets FinanceBoards offers.
Click here for a seven minute overview of FinanceBoards that includes the steps on how to add widgets such as these to your dashboard.
Thanks for reading, and stay tuned for our next Widget Spotlight.