Correlation Between KEYBANK and Rocky Brands
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By analyzing existing cross correlation between KEYBANK NATL ASSN and Rocky Brands, you can compare the effects of market volatilities on KEYBANK and Rocky Brands 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 KEYBANK with a short position of Rocky Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of KEYBANK and Rocky Brands.
Diversification Opportunities for KEYBANK and Rocky Brands
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between KEYBANK and Rocky is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding KEYBANK NATL ASSN and Rocky Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rocky Brands and KEYBANK 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 KEYBANK NATL ASSN are associated (or correlated) with Rocky Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rocky Brands has no effect on the direction of KEYBANK i.e., KEYBANK and Rocky Brands go up and down completely randomly.
Pair Corralation between KEYBANK and Rocky Brands
Assuming the 90 days trading horizon KEYBANK is expected to generate 21.48 times less return on investment than Rocky Brands. But when comparing it to its historical volatility, KEYBANK NATL ASSN is 5.48 times less risky than Rocky Brands. It trades about 0.0 of its potential returns per unit of risk. Rocky Brands is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,535 in Rocky Brands on September 26, 2024 and sell it today you would lose (257.00) from holding Rocky Brands or give up 10.14% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 58.06% |
Values | Daily Returns |
KEYBANK NATL ASSN vs. Rocky Brands
Performance |
Timeline |
KEYBANK NATL ASSN |
Rocky Brands |
KEYBANK and Rocky Brands Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with KEYBANK and Rocky Brands
The main advantage of trading using opposite KEYBANK and Rocky Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KEYBANK position performs unexpectedly, Rocky Brands 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 Rocky Brands will offset losses from the drop in Rocky Brands' long position.KEYBANK vs. Rocky Brands | KEYBANK vs. Boot Barn Holdings | KEYBANK vs. Ryanair Holdings PLC | KEYBANK vs. Victorias Secret Co |
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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 Stocks Directory module to find actively traded stocks across global markets.
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