Correlation Between Republic Bancorp and BOOKING
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By analyzing existing cross correlation between Republic Bancorp and BOOKING HOLDINGS INC, you can compare the effects of market volatilities on Republic Bancorp and BOOKING 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 Republic Bancorp with a short position of BOOKING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Republic Bancorp and BOOKING.
Diversification Opportunities for Republic Bancorp and BOOKING
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Republic and BOOKING is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Republic Bancorp and BOOKING HOLDINGS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOOKING HOLDINGS INC and Republic 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 Republic Bancorp are associated (or correlated) with BOOKING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOOKING HOLDINGS INC has no effect on the direction of Republic Bancorp i.e., Republic Bancorp and BOOKING go up and down completely randomly.
Pair Corralation between Republic Bancorp and BOOKING
Assuming the 90 days horizon Republic Bancorp is expected to generate 5.83 times more return on investment than BOOKING. However, Republic Bancorp is 5.83 times more volatile than BOOKING HOLDINGS INC. It trades about 0.09 of its potential returns per unit of risk. BOOKING HOLDINGS INC is currently generating about -0.22 per unit of risk. If you would invest 6,345 in Republic Bancorp on September 24, 2024 and sell it today you would earn a total of 826.00 from holding Republic Bancorp or generate 13.02% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 96.88% |
Values | Daily Returns |
Republic Bancorp vs. BOOKING HOLDINGS INC
Performance |
Timeline |
Republic Bancorp |
BOOKING HOLDINGS INC |
Republic Bancorp and BOOKING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Republic Bancorp and BOOKING
The main advantage of trading using opposite Republic Bancorp and BOOKING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Republic Bancorp position performs unexpectedly, BOOKING 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 BOOKING will offset losses from the drop in BOOKING's long position.Republic Bancorp vs. First Community | Republic Bancorp vs. Community West Bancshares | Republic Bancorp vs. First Financial Northwest | Republic Bancorp vs. First Northwest 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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