First Horizon Correlations

FHN Stock

USD 20.67 0.16 0.77%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Horizon moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Horizon National moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Horizon Correlation With Market

Very weak diversification

The correlation between First Horizon National and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Horizon National and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Horizon National. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with First Stock

0.69	DB	Deutsche Bank AG	Pair Corr
0.72	TECTP	Tectonic Financial	Pair Corr
0.67	KEY-PI	KeyCorp	Pair Corr
0.79	BANC-PF	Banc of California	Pair Corr
0.75	ESSA	ESSA Bancorp	Pair Corr
0.74	WSBCP	WesBanco	Pair Corr

Moving against First Stock

0.63	ECBK	ECB Bancorp	Pair Corr
0.5	VABK	Virginia National	Pair Corr
0.36	VBTX	Veritex Holdings	Pair Corr
0.33	AX	Axos Financial	Pair Corr
0.59	WAFD	Washington Federal	Pair Corr
0.56	WAFDP	Washington Federal	Pair Corr
0.45	WABC	Westamerica Bancorporation	Pair Corr
0.36	EGBN	Eagle Bancorp	Pair Corr

Related Correlations Analysis

	PACW	ZION	KEY	CMA	WAL	FITB	TFC	HBAN	USB	MTB
PACW		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	PACW
ZION	0.0		0.91	0.81	0.85	0.84	0.75	0.98	0.79	0.91	ZION
KEY	0.0	0.91		0.87	0.77	0.89	0.62	0.94	0.84	0.97	KEY
CMA	0.0	0.81	0.87		0.78	0.81	0.8	0.83	0.59	0.88	CMA
WAL	0.0	0.85	0.77	0.78		0.79	0.83	0.82	0.6	0.79	WAL
FITB	0.0	0.84	0.89	0.81	0.79		0.61	0.86	0.76	0.9	FITB
TFC	0.0	0.75	0.62	0.8	0.83	0.61		0.73	0.27	0.68	TFC
HBAN	0.0	0.98	0.94	0.83	0.82	0.86	0.73		0.79	0.94	HBAN
USB	0.0	0.79	0.84	0.59	0.6	0.76	0.27	0.79		0.8	USB
MTB	0.0	0.91	0.97	0.88	0.79	0.9	0.68	0.94	0.8		MTB
	PACW	ZION	KEY	CMA	WAL	FITB	TFC	HBAN	USB	MTB

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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

HBAN	+ 0.98	ZION
MTB	+ 0.97	KEY
HBAN	+ 0.94	KEY
MTB	+ 0.94	HBAN
KEY	+ 0.91	ZION
MTB	+ 0.91	ZION

High negative correlations

MTB	- 0.0	PACW
USB	- 0.0	PACW
HBAN	- 0.0	PACW
TFC	- 0.0	PACW
FITB	- 0.0	PACW
WAL	- 0.0	PACW

Risk-Adjusted Indicators

There is a big difference between First Stock performing well and First Horizon 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 First Horizon'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
PACW	0.00	0.00	0.00	0.00	0.00	0.00
ZION	1.25	(0.16)	(0.15)	2.44	(2.77)	7.94
KEY	1.20	(0.18)	(0.20)	2.58	(2.84)	7.47
CMA	1.29	(0.07)	(0.06)	3.17	(3.10)	9.01
WAL	1.72	(0.05)	(0.04)	3.08	(3.97)	10.27
FITB	0.99	(0.14)	11.84	1.77	(1.67)	7.21
TFC	1.08	(0.02)	(0.02)	2.06	(2.03)	8.06
HBAN	0.99	(0.13)	(0.17)	1.78	(2.09)	6.93
USB	1.09	(0.11)	(0.12)	2.13	(2.35)	9.39
MTB	0.99	(0.15)	(0.17)	2.02	(2.37)	7.17

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