Correlation Between Siriuspoint and First Republic
Can any of the company-specific risk be diversified away by investing in both Siriuspoint and First Republic at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Siriuspoint and First Republic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siriuspoint and First Republic Bank, you can compare the effects of market volatilities on Siriuspoint and First Republic 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 Siriuspoint with a short position of First Republic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siriuspoint and First Republic.
Diversification Opportunities for Siriuspoint and First Republic
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Siriuspoint and First is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Siriuspoint and First Republic Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Republic Bank and Siriuspoint 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 Siriuspoint are associated (or correlated) with First Republic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Republic Bank has no effect on the direction of Siriuspoint i.e., Siriuspoint and First Republic go up and down completely randomly.
Pair Corralation between Siriuspoint and First Republic
If you would invest 1,408 in Siriuspoint on September 24, 2024 and sell it today you would earn a total of 33.00 from holding Siriuspoint or generate 2.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 1.56% |
Values | Daily Returns |
Siriuspoint vs. First Republic Bank
Performance |
Timeline |
Siriuspoint |
First Republic Bank |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Siriuspoint and First Republic Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Siriuspoint and First Republic
The main advantage of trading using opposite Siriuspoint and First Republic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siriuspoint position performs unexpectedly, First Republic 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 First Republic will offset losses from the drop in First Republic's long position.Siriuspoint vs. Maiden Holdings | Siriuspoint vs. Reinsurance Group of | Siriuspoint vs. Oxbridge Re Holdings | Siriuspoint vs. Greenlight Capital Re |
First Republic vs. United Fire Group | First Republic vs. GoHealth | First Republic vs. Siriuspoint | First Republic vs. enVVeno Medical Corp |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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