Correlation Between Hanmi Financial and 655844CJ5
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By analyzing existing cross correlation between Hanmi Financial and NSC 41 15 MAY 21, you can compare the effects of market volatilities on Hanmi Financial 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 Hanmi Financial with a short position of 655844CJ5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and 655844CJ5.
Diversification Opportunities for Hanmi Financial and 655844CJ5
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hanmi and 655844CJ5 is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial 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 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 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 Hanmi Financial i.e., Hanmi Financial and 655844CJ5 go up and down completely randomly.
Pair Corralation between Hanmi Financial and 655844CJ5
Given the investment horizon of 90 days Hanmi Financial is expected to under-perform the 655844CJ5. In addition to that, Hanmi Financial is 1.05 times more volatile than NSC 41 15 MAY 21. It trades about -0.29 of its total potential returns per unit of risk. NSC 41 15 MAY 21 is currently generating about -0.17 per unit of volatility. If you would invest 7,300 in NSC 41 15 MAY 21 on September 24, 2024 and sell it today you would lose (420.00) from holding NSC 41 15 MAY 21 or give up 5.75% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 85.0% |
Values | Daily Returns |
Hanmi Financial vs. NSC 41 15 MAY 21
Performance |
Timeline |
Hanmi Financial |
NSC 41 15 |
Hanmi Financial and 655844CJ5 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and 655844CJ5
The main advantage of trading using opposite Hanmi Financial and 655844CJ5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial 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.Hanmi Financial vs. OP Bancorp | Hanmi Financial vs. PCB Bancorp | Hanmi Financial vs. Heritage Commerce Corp | Hanmi Financial vs. Riverview Bancorp |
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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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