Correlation Between ConnectOne Bancorp and 17136MAC6
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By analyzing existing cross correlation between ConnectOne Bancorp and CHD 56 15 NOV 32, you can compare the effects of market volatilities on ConnectOne Bancorp and 17136MAC6 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 17136MAC6. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and 17136MAC6.
Diversification Opportunities for ConnectOne Bancorp and 17136MAC6
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ConnectOne and 17136MAC6 is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and CHD 56 15 NOV 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CHD 56 15 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 17136MAC6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CHD 56 15 has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and 17136MAC6 go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and 17136MAC6
Assuming the 90 days horizon ConnectOne Bancorp is expected to generate 5.01 times less return on investment than 17136MAC6. But when comparing it to its historical volatility, ConnectOne Bancorp is 2.35 times less risky than 17136MAC6. It trades about 0.06 of its potential returns per unit of risk. CHD 56 15 NOV 32 is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 10,399 in CHD 56 15 NOV 32 on September 24, 2024 and sell it today you would earn a total of 248.00 from holding CHD 56 15 NOV 32 or generate 2.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.24% |
Values | Daily Returns |
ConnectOne Bancorp vs. CHD 56 15 NOV 32
Performance |
Timeline |
ConnectOne Bancorp |
CHD 56 15 |
ConnectOne Bancorp and 17136MAC6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ConnectOne Bancorp and 17136MAC6
The main advantage of trading using opposite ConnectOne Bancorp and 17136MAC6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, 17136MAC6 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 17136MAC6 will offset losses from the drop in 17136MAC6'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 |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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