Correlation Between Republic Bancorp and INTNED
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By analyzing existing cross correlation between Republic Bancorp and INTNED 14 01 JUL 26, you can compare the effects of market volatilities on Republic Bancorp and INTNED 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 INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Republic Bancorp and INTNED.
Diversification Opportunities for Republic Bancorp and INTNED
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Republic and INTNED is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Republic Bancorp and INTNED 14 01 JUL 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 14 01 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 INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 14 01 has no effect on the direction of Republic Bancorp i.e., Republic Bancorp and INTNED go up and down completely randomly.
Pair Corralation between Republic Bancorp and INTNED
Assuming the 90 days horizon Republic Bancorp is expected to generate 1.22 times more return on investment than INTNED. However, Republic Bancorp is 1.22 times more volatile than INTNED 14 01 JUL 26. It trades about -0.23 of its potential returns per unit of risk. INTNED 14 01 JUL 26 is currently generating about -0.39 per unit of risk. If you would invest 7,738 in Republic Bancorp on September 25, 2024 and sell it today you would lose (652.00) from holding Republic Bancorp or give up 8.43% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 61.9% |
Values | Daily Returns |
Republic Bancorp vs. INTNED 14 01 JUL 26
Performance |
Timeline |
Republic Bancorp |
INTNED 14 01 |
Republic Bancorp and INTNED Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Republic Bancorp and INTNED
The main advantage of trading using opposite Republic Bancorp and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Republic Bancorp position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED'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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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