Correlation Between Republic Bancorp and IAGLN
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By analyzing existing cross correlation between Republic Bancorp and IAGLN 29 15 MAR 35, you can compare the effects of market volatilities on Republic Bancorp and IAGLN 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 IAGLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Republic Bancorp and IAGLN.
Diversification Opportunities for Republic Bancorp and IAGLN
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Republic and IAGLN is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Republic Bancorp and IAGLN 29 15 MAR 35 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IAGLN 29 15 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 IAGLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IAGLN 29 15 has no effect on the direction of Republic Bancorp i.e., Republic Bancorp and IAGLN go up and down completely randomly.
Pair Corralation between Republic Bancorp and IAGLN
Assuming the 90 days horizon Republic Bancorp is expected to generate 0.57 times more return on investment than IAGLN. However, Republic Bancorp is 1.75 times less risky than IAGLN. It trades about -0.2 of its potential returns per unit of risk. IAGLN 29 15 MAR 35 is currently generating about -0.5 per unit of risk. If you would invest 7,738 in Republic Bancorp on September 26, 2024 and sell it today you would lose (579.00) from holding Republic Bancorp or give up 7.48% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 23.81% |
Values | Daily Returns |
Republic Bancorp vs. IAGLN 29 15 MAR 35
Performance |
Timeline |
Republic Bancorp |
IAGLN 29 15 |
Republic Bancorp and IAGLN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Republic Bancorp and IAGLN
The main advantage of trading using opposite Republic Bancorp and IAGLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Republic Bancorp position performs unexpectedly, IAGLN 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 IAGLN will offset losses from the drop in IAGLN'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 |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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