Correlation Between Glacier Bancorp and 49327M3F9
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By analyzing existing cross correlation between Glacier Bancorp and KEY 585 15 NOV 27, you can compare the effects of market volatilities on Glacier Bancorp and 49327M3F9 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 Glacier Bancorp with a short position of 49327M3F9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glacier Bancorp and 49327M3F9.
Diversification Opportunities for Glacier Bancorp and 49327M3F9
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Glacier and 49327M3F9 is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Glacier Bancorp and KEY 585 15 NOV 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEY 585 15 and Glacier 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 Glacier Bancorp are associated (or correlated) with 49327M3F9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEY 585 15 has no effect on the direction of Glacier Bancorp i.e., Glacier Bancorp and 49327M3F9 go up and down completely randomly.
Pair Corralation between Glacier Bancorp and 49327M3F9
Given the investment horizon of 90 days Glacier Bancorp is expected to under-perform the 49327M3F9. But the stock apears to be less risky and, when comparing its historical volatility, Glacier Bancorp is 2.27 times less risky than 49327M3F9. The stock trades about -0.42 of its potential returns per unit of risk. The KEY 585 15 NOV 27 is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 10,244 in KEY 585 15 NOV 27 on September 26, 2024 and sell it today you would lose (313.00) from holding KEY 585 15 NOV 27 or give up 3.06% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
Glacier Bancorp vs. KEY 585 15 NOV 27
Performance |
Timeline |
Glacier Bancorp |
KEY 585 15 |
Glacier Bancorp and 49327M3F9 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Glacier Bancorp and 49327M3F9
The main advantage of trading using opposite Glacier Bancorp and 49327M3F9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glacier Bancorp position performs unexpectedly, 49327M3F9 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 49327M3F9 will offset losses from the drop in 49327M3F9's long position.Glacier Bancorp vs. CVB Financial | Glacier Bancorp vs. Independent Bank Group | Glacier Bancorp vs. Columbia Banking System | Glacier Bancorp vs. First Financial Bankshares |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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