Correlation Between ConnectOne Bancorp and 958102AR6
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By analyzing existing cross correlation between ConnectOne Bancorp and WDC 31 01 FEB 32, you can compare the effects of market volatilities on ConnectOne Bancorp and 958102AR6 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 958102AR6. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and 958102AR6.
Diversification Opportunities for ConnectOne Bancorp and 958102AR6
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ConnectOne and 958102AR6 is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and WDC 31 01 FEB 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WDC 31 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 958102AR6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WDC 31 01 has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and 958102AR6 go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and 958102AR6
Assuming the 90 days horizon ConnectOne Bancorp is expected to generate 2.29 times more return on investment than 958102AR6. However, ConnectOne Bancorp is 2.29 times more volatile than WDC 31 01 FEB 32. It trades about 0.03 of its potential returns per unit of risk. WDC 31 01 FEB 32 is currently generating about 0.02 per unit of risk. If you would invest 1,791 in ConnectOne Bancorp on September 23, 2024 and sell it today you would earn a total of 435.00 from holding ConnectOne Bancorp or generate 24.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 93.96% |
Values | Daily Returns |
ConnectOne Bancorp vs. WDC 31 01 FEB 32
Performance |
Timeline |
ConnectOne Bancorp |
WDC 31 01 |
ConnectOne Bancorp and 958102AR6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ConnectOne Bancorp and 958102AR6
The main advantage of trading using opposite ConnectOne Bancorp and 958102AR6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, 958102AR6 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 958102AR6 will offset losses from the drop in 958102AR6'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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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