Hanover Bancorp Correlations

HNVR Stock

USD 23.40 0.12 0.51%

The current 90-days correlation between Hanover Bancorp and Citizens Community Bancorp is 0.66 (i.e., Poor diversification). The correlation of Hanover Bancorp is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Hanover Bancorp Correlation With Market

Weak diversification

The correlation between Hanover Bancorp and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hanover Bancorp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Hanover Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hanover Bancorp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

To learn how to invest in Hanover Stock, please use our How to Invest in Hanover Bancorp guide.

Moving together with Hanover Stock

0.7	BIRG	Bank of Ireland	Pair Corr
0.79	AX	Axos Financial	Pair Corr
0.89	BY	Byline Bancorp	Pair Corr
0.86	PB	Prosperity Bancshares	Pair Corr
0.91	RF	Regions Financial	Pair Corr
0.74	VBNK	VersaBank	Pair Corr
0.79	EBMT	Eagle Bancorp Montana	Pair Corr
0.64	EGBN	Eagle Bancorp	Pair Corr
0.7	WABC	Westamerica Bancorporation	Pair Corr
0.86	WAFD	Washington Federal	Pair Corr
0.85	WASH	Washington Trust Bancorp	Pair Corr
0.79	EQBK	Equity Bancshares,	Pair Corr
0.9	EWBC	East West Bancorp	Pair Corr
0.92	WNEB	Western New England	Pair Corr
0.82	WSBC	WesBanco	Pair Corr
0.88	WSFS	WSFS Financial	Pair Corr
0.68	WTBA	West Bancorporation	Pair Corr
0.86	WTFC	Wintrust Financial	Pair Corr
0.88	FBIZ	First Business Financial	Pair Corr
0.84	FBLA	FB Bancorp, Common	Pair Corr
0.85	FBNC	First Bancorp	Pair Corr
0.84	FCAP	First Capital	Pair Corr
0.73	FCBC	First Community Banc	Pair Corr
0.88	FCCO	First Community	Pair Corr
0.68	FDBC	Fidelity DD Bancorp	Pair Corr
0.84	FFBC	First Financial Bancorp	Pair Corr

Moving against Hanover Stock

0.6	BEN	Bendigo and Adelaide	Pair Corr
0.59	601658	Postal Savings Bank	Pair Corr
0.53	FGBI	First Guaranty Bancshares	Pair Corr

Related Correlations Analysis

	CZWI	UBFO	FCAP	PEBK	CFBK	FNWD	LARK	BVFL	OVBC	ECBK
CZWI		0.94	0.92	0.91	0.57	0.89	0.94	0.93	0.92	0.7	CZWI
UBFO	0.94		0.84	0.83	0.48	0.88	0.89	0.95	0.84	0.82	UBFO
FCAP	0.92	0.84		0.95	0.72	0.73	0.88	0.84	0.88	0.55	FCAP
PEBK	0.91	0.83	0.95		0.76	0.75	0.89	0.84	0.9	0.49	PEBK
CFBK	0.57	0.48	0.72	0.76		0.33	0.57	0.49	0.61	0.14	CFBK
FNWD	0.89	0.88	0.73	0.75	0.33		0.89	0.92	0.81	0.74	FNWD
LARK	0.94	0.89	0.88	0.89	0.57	0.89		0.9	0.95	0.61	LARK
BVFL	0.93	0.95	0.84	0.84	0.49	0.92	0.9		0.85	0.79	BVFL
OVBC	0.92	0.84	0.88	0.9	0.61	0.81	0.95	0.85		0.5	OVBC
ECBK	0.7	0.82	0.55	0.49	0.14	0.74	0.61	0.79	0.5		ECBK
	CZWI	UBFO	FCAP	PEBK	CFBK	FNWD	LARK	BVFL	OVBC	ECBK

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Risk-Adjusted Indicators

There is a big difference between Hanover Stock performing well and Hanover Bancorp 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 Hanover Bancorp'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
CZWI	0.85	0.09	0.05	0.22	1.06	(1.01)	1.97	(1.58)	7.35
UBFO	1.09	0.04	0.03	0.11	1.19	(1.44)	3.29	(3.17)	8.58
FCAP	2.22	0.50	0.20	2.54	2.03	(3.05)	5.10	(3.88)	17.14
PEBK	1.53	0.20	0.10	0.24	1.69	(1.62)	3.66	(3.03)	9.18
CFBK	0.90	0.08	0.01	1.09	1.14	(0.92)	1.85	(1.84)	9.54
FNWD	1.20	0.15	0.10	0.26	1.05	(1.40)	3.36	(1.85)	7.27
LARK	0.83	0.15	0.10	2.01	0.63	(1.01)	2.35	(1.47)	4.99
BVFL	1.46	0.09	0.04	0.20	1.47	(1.80)	3.48	(2.59)	12.62
OVBC	1.12	0.09	0.03	0.39	1.11	(1.34)	2.61	(2.04)	8.99
ECBK	1.16	0.09	0.03	0.27	1.53	(1.16)	2.61	(2.75)	11.46

Hanover Bancorp Corporate Management

Lisa Kotliar	Senior Resources	Profile
Michael Locorriere	Executive Officer	Profile
Michael CPA	CEO Chairman	Profile
Brian Finneran	President	Profile

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