Bank of New York Correlations

BK Stock

USD 83.90 1.26 1.52%

The current 90-days correlation between Bank of New York and Northern Trust is 0.85 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bank of New York moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bank of New moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bank of New York Correlation With Market

Poor diversification

The correlation between Bank of New and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of New and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bank of New. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Bank Stock

0.77	C	Citigroup Earnings Call Today	Pair Corr
0.88	TD	Toronto Dominion Bank	Pair Corr
0.9	BML-PG	Bank of America	Pair Corr
0.86	BML-PH	Bank of America	Pair Corr
0.81	BCS	Barclays PLC ADR Aggressive Push	Pair Corr
0.83	BMO	Bank of Montreal	Pair Corr
0.78	JPM	JPMorgan Chase	Pair Corr
0.63	JPM-PK	JPMorgan Chase	Pair Corr
0.64	JPM-PM	JPMorgan Chase	Pair Corr
0.83	JPM-PC	JPMorgan Chase	Pair Corr
0.82	JPM-PD	JPMorgan Chase	Pair Corr
0.61	NTB	Bank of NT	Pair Corr
0.66	SAN	Banco Santander SA	Pair Corr
0.8	UBS	UBS Group AG	Pair Corr
0.82	WFC	Wells Fargo Aggressive Push	Pair Corr
0.69	HSBC	HSBC Holdings PLC	Pair Corr
0.87	BAC-PB	Bank of America	Pair Corr
0.76	BAC-PM	Bank of America	Pair Corr
0.81	BAC-PK	Bank of America	Pair Corr
0.78	BAC-PL	Bank of America	Pair Corr
0.69	MUFG	Mitsubishi UFJ Financial Normal Trading	Pair Corr
0.65	SMFG	Sumitomo Mitsui Financial Normal Trading	Pair Corr
0.68	BBVA	Banco Bilbao Viscaya	Pair Corr
0.83	C-PN	Citigroup Capital XIII	Pair Corr

Moving against Bank Stock

0.46	BNS	Bank of Nova Scotia Sell-off Trend	Pair Corr
0.5	DHIL	Diamond Hill Investment	Pair Corr

Related Correlations Analysis

	NTRS	IVZ	BEN	TROW	STT	SEIC	PFG	AMG	AMP	JHG
NTRS		0.8	0.44	0.3	0.73	0.61	0.48	0.16	0.67	0.7	NTRS
IVZ	0.8		0.63	0.69	0.89	0.88	0.0	0.57	0.82	0.94	IVZ
BEN	0.44	0.63		0.55	0.51	0.61	-0.02	0.36	0.46	0.59	BEN
TROW	0.3	0.69	0.55		0.81	0.9	-0.57	0.91	0.81	0.78	TROW
STT	0.73	0.89	0.51	0.81		0.9	-0.1	0.69	0.91	0.92	STT
SEIC	0.61	0.88	0.61	0.9	0.9		-0.31	0.82	0.88	0.94	SEIC
PFG	0.48	0.0	-0.02	-0.57	-0.1	-0.31		-0.64	-0.11	-0.16	PFG
AMG	0.16	0.57	0.36	0.91	0.69	0.82	-0.64		0.75	0.67	AMG
AMP	0.67	0.82	0.46	0.81	0.91	0.88	-0.11	0.75		0.84	AMP
JHG	0.7	0.94	0.59	0.78	0.92	0.94	-0.16	0.67	0.84		JHG
	NTRS	IVZ	BEN	TROW	STT	SEIC	PFG	AMG	AMP	JHG

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

JHG	+ 0.94	IVZ
JHG	+ 0.94	SEIC
JHG	+ 0.92	STT
AMG	+ 0.91	TROW
AMP	+ 0.91	STT
SEIC	+ 0.9	TROW

High negative correlations

AMG	- 0.64	PFG
PFG	- 0.57	TROW
PFG	- 0.31	SEIC
JHG	- 0.16	PFG
AMP	- 0.11	PFG
PFG	- 0.1	STT

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of New York Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bank of New York's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NTRS	1.10	(0.02)	0.00	(0.12)	0.00	0.00	2.01	(2.88)	9.01
IVZ	1.65	(0.11)	0.00	(0.17)	0.00	0.00	2.80	(4.53)	14.13
BEN	1.41	(0.05)	0.00	(0.15)	0.00	0.00	2.59	(2.55)	17.21
TROW	1.17	(0.28)	0.00	(0.37)	0.00	0.00	1.91	(3.64)	6.99
STT	1.19	(0.06)	0.00	(0.15)	0.00	0.00	1.75	(3.40)	9.98
SEIC	0.99	(0.10)	0.00	(0.22)	0.00	0.00	1.63	(2.42)	7.20
PFG	1.08	0.15	0.11	0.06	1.37	(1.12)	2.50	(2.52)	6.31
AMG	1.36	(0.06)	0.00	(0.16)	0.00	0.00	2.68	(3.08)	6.33
AMP	1.21	(0.05)	0.00	(0.14)	0.00	0.00	2.13	(3.64)	8.79
JHG	1.51	(0.12)	0.00	(0.20)	0.00	0.00	2.91	(4.00)	9.40

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC