Bank of New York Correlations

BK Stock

USD 87.84 0.96 1.10%

The current 90-days correlation between Bank of New York and Franklin Resources is 0.34 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bank of New York moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bank of New moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bank of New York Correlation With Market

Very weak diversification

The correlation between Bank of New and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of New and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bank of New. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Bank Stock

0.9	C	Citigroup Aggressive Push	Pair Corr
0.78	TD	Toronto Dominion Bank	Pair Corr
0.73	BML-PG	Bank of America	Pair Corr
0.68	BML-PH	Bank of America	Pair Corr
0.7	BAC	Bank of America	Pair Corr
0.92	BCS	Barclays PLC ADR	Pair Corr
0.67	BMO	Bank of Montreal	Pair Corr
0.81	ING	ING Group NV Normal Trading	Pair Corr
0.94	JPM	JPMorgan Chase	Pair Corr
0.75	JPM-PC	JPMorgan Chase	Pair Corr
0.67	JPM-PD	JPMorgan Chase	Pair Corr
0.8	SAN	Banco Santander SA	Pair Corr
0.8	UBS	UBS Group AG	Pair Corr
0.93	WFC	Wells Fargo	Pair Corr
0.75	HSBC	HSBC Holdings PLC Earnings Call This Week	Pair Corr
0.84	BAC-PB	Bank of America	Pair Corr
0.79	BAC-PK	Bank of America	Pair Corr
0.87	MUFG	Mitsubishi UFJ Financial	Pair Corr
0.63	SMFG	Sumitomo Mitsui Financial	Pair Corr
0.83	BBVA	Banco Bilbao Viscaya Normal Trading	Pair Corr
0.85	C-PN	Citigroup Capital XIII	Pair Corr

Moving against Bank Stock

0.42	BNS	Bank of Nova Scotia	Pair Corr
0.42	DHIL	Diamond Hill Investment	Pair Corr

Related Correlations Analysis

	NTRS	IVZ	BEN	TROW	STT	SEIC	PFG	AMG	AMP	JHG
NTRS		0.79	0.35	0.05	0.53	0.48	0.66	-0.02	0.51	0.67	NTRS
IVZ	0.79		0.43	0.12	0.63	0.63	0.42	0.02	0.29	0.69	IVZ
BEN	0.35	0.43		0.83	0.03	0.09	0.52	0.38	0.63	0.75	BEN
TROW	0.05	0.12	0.83		-0.03	0.03	0.26	0.69	0.62	0.43	TROW
STT	0.53	0.63	0.03	-0.03		0.8	-0.04	0.14	0.02	0.14	STT
SEIC	0.48	0.63	0.09	0.03	0.8		-0.17	0.17	-0.06	0.26	SEIC
PFG	0.66	0.42	0.52	0.26	-0.04	-0.17		-0.03	0.72	0.68	PFG
AMG	-0.02	0.02	0.38	0.69	0.14	0.17	-0.03		0.52	0.19	AMG
AMP	0.51	0.29	0.63	0.62	0.02	-0.06	0.72	0.52		0.6	AMP
JHG	0.67	0.69	0.75	0.43	0.14	0.26	0.68	0.19	0.6		JHG
	NTRS	IVZ	BEN	TROW	STT	SEIC	PFG	AMG	AMP	JHG

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

TROW	+ 0.83	BEN
SEIC	+ 0.8	STT
IVZ	+ 0.79	NTRS
JHG	+ 0.75	BEN
AMP	+ 0.72	PFG
JHG	+ 0.69	IVZ

High negative correlations

PFG	- 0.17	SEIC
AMP	- 0.06	SEIC
PFG	- 0.04	STT
AMG	- 0.03	PFG
STT	- 0.03	TROW
AMG	- 0.02	NTRS

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of New York 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 New York'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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NTRS	0.87	0.09	0.06	0.11	1.27	(0.87)	1.65	(2.21)	6.63
IVZ	1.36	0.09	0.04	0.09	1.83	(1.41)	2.80	(2.74)	13.57
BEN	1.35	0.00	0.00	0.00	2.04	(1.32)	2.56	(2.55)	17.21
TROW	0.90	(0.13)	0.00	(0.20)	0.00	0.00	1.69	(1.94)	6.99
STT	0.98	0.08	0.05	0.10	1.49	(0.96)	1.56	(2.85)	7.93
SEIC	0.90	0.05	0.03	0.11	1.38	(0.86)	1.57	(1.69)	6.66
PFG	0.96	0.01	0.01	0.02	1.23	(1.01)	2.37	(2.20)	5.46
AMG	1.07	(0.13)	0.00	(0.18)	0.00	0.00	1.85	(2.27)	6.23
AMP	0.92	(0.02)	0.00	(0.02)	0.00	0.00	1.86	(1.52)	6.92
JHG	1.18	0.01	0.01	0.02	1.52	(1.27)	2.65	(2.54)	6.90

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