Correlation Between ConnectOne Bancorp and 655844CJ5
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By analyzing existing cross correlation between ConnectOne Bancorp and NSC 41 15 MAY 21, you can compare the effects of market volatilities on ConnectOne Bancorp and 655844CJ5 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 655844CJ5. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and 655844CJ5.
Diversification Opportunities for ConnectOne Bancorp and 655844CJ5
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ConnectOne and 655844CJ5 is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and NSC 41 15 MAY 21 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NSC 41 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 655844CJ5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NSC 41 15 has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and 655844CJ5 go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and 655844CJ5
Assuming the 90 days horizon ConnectOne Bancorp is expected to generate 0.71 times more return on investment than 655844CJ5. However, ConnectOne Bancorp is 1.42 times less risky than 655844CJ5. It trades about 0.11 of its potential returns per unit of risk. NSC 41 15 MAY 21 is currently generating about 0.02 per unit of risk. If you would invest 2,087 in ConnectOne Bancorp on October 12, 2024 and sell it today you would earn a total of 138.00 from holding ConnectOne Bancorp or generate 6.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 73.77% |
Values | Daily Returns |
ConnectOne Bancorp vs. NSC 41 15 MAY 21
Performance |
Timeline |
ConnectOne Bancorp |
NSC 41 15 |
ConnectOne Bancorp and 655844CJ5 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ConnectOne Bancorp and 655844CJ5
The main advantage of trading using opposite ConnectOne Bancorp and 655844CJ5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, 655844CJ5 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 655844CJ5 will offset losses from the drop in 655844CJ5'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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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