Correlation Between ConnectOne Bancorp and 958102AQ8
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By analyzing existing cross correlation between ConnectOne Bancorp and WDC 285 01 FEB 29, you can compare the effects of market volatilities on ConnectOne Bancorp and 958102AQ8 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 958102AQ8. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and 958102AQ8.
Diversification Opportunities for ConnectOne Bancorp and 958102AQ8
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ConnectOne and 958102AQ8 is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and WDC 285 01 FEB 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WDC 285 01 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 958102AQ8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WDC 285 01 has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and 958102AQ8 go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and 958102AQ8
Assuming the 90 days horizon ConnectOne Bancorp is expected to generate 0.81 times more return on investment than 958102AQ8. However, ConnectOne Bancorp is 1.23 times less risky than 958102AQ8. It trades about 0.12 of its potential returns per unit of risk. WDC 285 01 FEB 29 is currently generating about -0.01 per unit of risk. If you would invest 1,885 in ConnectOne Bancorp on September 24, 2024 and sell it today you would earn a total of 341.00 from holding ConnectOne Bancorp or generate 18.09% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 97.59% |
Values | Daily Returns |
ConnectOne Bancorp vs. WDC 285 01 FEB 29
Performance |
Timeline |
ConnectOne Bancorp |
WDC 285 01 |
ConnectOne Bancorp and 958102AQ8 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ConnectOne Bancorp and 958102AQ8
The main advantage of trading using opposite ConnectOne Bancorp and 958102AQ8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, 958102AQ8 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 958102AQ8 will offset losses from the drop in 958102AQ8'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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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