Correlation Between ConnectOne Bancorp and 17136MAB8
Specify exactly 2 symbols:
By analyzing existing cross correlation between ConnectOne Bancorp and CHD 5 15 JUN 52, you can compare the effects of market volatilities on ConnectOne Bancorp and 17136MAB8 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 17136MAB8. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and 17136MAB8.
Diversification Opportunities for ConnectOne Bancorp and 17136MAB8
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ConnectOne and 17136MAB8 is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and CHD 5 15 JUN 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 17136MAB8 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 17136MAB8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 17136MAB8 has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and 17136MAB8 go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and 17136MAB8
Assuming the 90 days horizon ConnectOne Bancorp is expected to generate 0.53 times more return on investment than 17136MAB8. However, ConnectOne Bancorp is 1.87 times less risky than 17136MAB8. It trades about 0.09 of its potential returns per unit of risk. CHD 5 15 JUN 52 is currently generating about 0.0 per unit of risk. If you would invest 1,734 in ConnectOne Bancorp on September 24, 2024 and sell it today you would earn a total of 492.00 from holding ConnectOne Bancorp or generate 28.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 60.89% |
Values | Daily Returns |
ConnectOne Bancorp vs. CHD 5 15 JUN 52
Performance |
Timeline |
ConnectOne Bancorp |
17136MAB8 |
ConnectOne Bancorp and 17136MAB8 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ConnectOne Bancorp and 17136MAB8
The main advantage of trading using opposite ConnectOne Bancorp and 17136MAB8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, 17136MAB8 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 17136MAB8 will offset losses from the drop in 17136MAB8'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 |
17136MAB8 vs. Afya | 17136MAB8 vs. Lindblad Expeditions Holdings | 17136MAB8 vs. LB Foster | 17136MAB8 vs. RBC Bearings Incorporated |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |