Correlation Between Hanmi Financial and NSANY
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By analyzing existing cross correlation between Hanmi Financial and NSANY 4345 17 SEP 27, you can compare the effects of market volatilities on Hanmi Financial and NSANY 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 Hanmi Financial with a short position of NSANY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and NSANY.
Diversification Opportunities for Hanmi Financial and NSANY
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hanmi and NSANY is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and NSANY 4345 17 SEP 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NSANY 4345 17 and Hanmi Financial 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 Hanmi Financial are associated (or correlated) with NSANY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NSANY 4345 17 has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and NSANY go up and down completely randomly.
Pair Corralation between Hanmi Financial and NSANY
Given the investment horizon of 90 days Hanmi Financial is expected to generate 4.0 times more return on investment than NSANY. However, Hanmi Financial is 4.0 times more volatile than NSANY 4345 17 SEP 27. It trades about 0.02 of its potential returns per unit of risk. NSANY 4345 17 SEP 27 is currently generating about 0.01 per unit of risk. If you would invest 2,196 in Hanmi Financial on September 23, 2024 and sell it today you would earn a total of 168.00 from holding Hanmi Financial or generate 7.65% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 82.09% |
Values | Daily Returns |
Hanmi Financial vs. NSANY 4345 17 SEP 27
Performance |
Timeline |
Hanmi Financial |
NSANY 4345 17 |
Hanmi Financial and NSANY Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and NSANY
The main advantage of trading using opposite Hanmi Financial and NSANY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, NSANY 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 NSANY will offset losses from the drop in NSANY's long position.Hanmi Financial vs. OP Bancorp | Hanmi Financial vs. PCB Bancorp | Hanmi Financial vs. Heritage Commerce Corp | Hanmi Financial vs. Riverview Bancorp |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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