Correlation Between Republic Bancorp and IENOVA
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By analyzing existing cross correlation between Republic Bancorp and IENOVA 475 15 JAN 51, you can compare the effects of market volatilities on Republic Bancorp and IENOVA 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 IENOVA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Republic Bancorp and IENOVA.
Diversification Opportunities for Republic Bancorp and IENOVA
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Republic and IENOVA is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Republic Bancorp and IENOVA 475 15 JAN 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IENOVA 475 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 IENOVA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IENOVA 475 15 has no effect on the direction of Republic Bancorp i.e., Republic Bancorp and IENOVA go up and down completely randomly.
Pair Corralation between Republic Bancorp and IENOVA
Assuming the 90 days horizon Republic Bancorp is expected to generate 0.5 times more return on investment than IENOVA. However, Republic Bancorp is 2.01 times less risky than IENOVA. It trades about 0.09 of its potential returns per unit of risk. IENOVA 475 15 JAN 51 is currently generating about 0.0 per unit of risk. If you would invest 6,345 in Republic Bancorp on September 25, 2024 and sell it today you would earn a total of 814.00 from holding Republic Bancorp or generate 12.83% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 12.5% |
Values | Daily Returns |
Republic Bancorp vs. IENOVA 475 15 JAN 51
Performance |
Timeline |
Republic Bancorp |
IENOVA 475 15 |
Republic Bancorp and IENOVA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Republic Bancorp and IENOVA
The main advantage of trading using opposite Republic Bancorp and IENOVA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Republic Bancorp position performs unexpectedly, IENOVA 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 IENOVA will offset losses from the drop in IENOVA'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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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