Correlation Between Hanmi Financial and 78409VAM6
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By analyzing existing cross correlation between Hanmi Financial and SP GLOBAL INC, you can compare the effects of market volatilities on Hanmi Financial and 78409VAM6 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 78409VAM6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and 78409VAM6.
Diversification Opportunities for Hanmi Financial and 78409VAM6
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hanmi and 78409VAM6 is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and SP GLOBAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SP GLOBAL INC 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 78409VAM6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SP GLOBAL INC has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and 78409VAM6 go up and down completely randomly.
Pair Corralation between Hanmi Financial and 78409VAM6
Given the investment horizon of 90 days Hanmi Financial is expected to generate 18.79 times more return on investment than 78409VAM6. However, Hanmi Financial is 18.79 times more volatile than SP GLOBAL INC. It trades about 0.17 of its potential returns per unit of risk. SP GLOBAL INC is currently generating about -0.18 per unit of risk. If you would invest 1,816 in Hanmi Financial on September 25, 2024 and sell it today you would earn a total of 564.00 from holding Hanmi Financial or generate 31.06% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 89.06% |
Values | Daily Returns |
Hanmi Financial vs. SP GLOBAL INC
Performance |
Timeline |
Hanmi Financial |
SP GLOBAL INC |
Hanmi Financial and 78409VAM6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and 78409VAM6
The main advantage of trading using opposite Hanmi Financial and 78409VAM6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, 78409VAM6 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 78409VAM6 will offset losses from the drop in 78409VAM6'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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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