Bank of America Correlations

Preferred Stocks . USA . 
Preferred Stock . Bank of America
BAC-PM Preferred Stock  USD 23.08  0.21  0.90%   
The current 90-days correlation between Bank of America and Bank of America is 0.88 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bank of America moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bank of America moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bank of America Correlation With Market

Weak diversification

The correlation between Bank of America and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Bank of America could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bank of America when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bank of America - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bank of America to buy it.

Moving together with Bank Preferred Stock

  0.65TD Toronto Dominion Bank Earnings Call This WeekPairCorr
  0.61BML-PJ Bank of AmericaPairCorr
  0.62BML-PL Bank of AmericaPairCorr
  0.94JPM-PK JPMorgan ChasePairCorr
  0.9JPM-PJ JPMorgan ChasePairCorr
  0.91JPM-PM JPMorgan ChasePairCorr
  0.91JPM-PL JPMorgan ChasePairCorr
  0.74BAC-PE Bank of AmericaPairCorr
  0.88BAC-PN Bank of AmericaPairCorr
  0.84BAC-PQ Bank of AmericaPairCorr
  0.87BAC-PO Bank of AmericaPairCorr
  0.85BAC-PP Bank of AmericaPairCorr
  0.86BAC-PS Bank of AmericaPairCorr

Moving against Bank Preferred Stock

  0.49BMO Bank of MontrealPairCorr
  0.48HSBC HSBC Holdings PLCPairCorr
  0.48SMFG Sumitomo Mitsui FinancialPairCorr
  0.46DIST Distoken AcquisitionPairCorr
  0.42V Visa Class APairCorr
  0.36MUFG Mitsubishi UFJ Financial Earnings Call This WeekPairCorr
  0.32L Loews Corp Earnings Call This WeekPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Bank Preferred Stock performing well and Bank of America Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bank of America's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bank of America without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Idea Analyzer Now

   

Idea Analyzer

Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas
All  Next Launch Module

Bank of America Corporate Management

Rudolf BlessChief OfficerProfile
Aditya BhasinChief OfficerProfile
Brian MoynihanChairman CEOProfile
Paul DonofrioVice ChairmanProfile
Alastair BorthwickChief OfficerProfile
Darrin BolandChief OfficerProfile
James DeMareEx MarketsProfile
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY