Correlation Between ConnectOne Bancorp and Polarityte
Can any of the company-specific risk be diversified away by investing in both ConnectOne Bancorp and Polarityte 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 ConnectOne Bancorp and Polarityte into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ConnectOne Bancorp and Polarityte, you can compare the effects of market volatilities on ConnectOne Bancorp and Polarityte 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 ConnectOne Bancorp with a short position of Polarityte. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and Polarityte.
Diversification Opportunities for ConnectOne Bancorp and Polarityte
-0.91 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ConnectOne and Polarityte is -0.91. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and Polarityte in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Polarityte and ConnectOne Bancorp 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 ConnectOne Bancorp are associated (or correlated) with Polarityte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Polarityte has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and Polarityte go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and Polarityte
If you would invest 2,179 in ConnectOne Bancorp on September 23, 2024 and sell it today you would earn a total of 47.00 from holding ConnectOne Bancorp or generate 2.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 4.76% |
Values | Daily Returns |
ConnectOne Bancorp vs. Polarityte
Performance |
Timeline |
ConnectOne Bancorp |
Polarityte |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ConnectOne Bancorp and Polarityte Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ConnectOne Bancorp and Polarityte
The main advantage of trading using opposite ConnectOne Bancorp and Polarityte positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, Polarityte 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 Polarityte will offset losses from the drop in Polarityte's long position.ConnectOne Bancorp vs. Dime Community Bancshares | ConnectOne Bancorp vs. Washington Federal | ConnectOne Bancorp vs. CNB Financial | ConnectOne Bancorp vs. First Guaranty Bancshares |
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 the Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
Stocks Directory Find actively traded stocks across global markets | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |