Correlation Between Symtek Automation and Capital BofA
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By analyzing existing cross correlation between Symtek Automation Asia and Capital BofA Merrill, you can compare the effects of market volatilities on Symtek Automation and Capital BofA 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 Symtek Automation with a short position of Capital BofA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Symtek Automation and Capital BofA.
Diversification Opportunities for Symtek Automation and Capital BofA
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Symtek and Capital is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Symtek Automation Asia and Capital BofA Merrill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Capital BofA Merrill and Symtek Automation 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 Symtek Automation Asia are associated (or correlated) with Capital BofA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Capital BofA Merrill has no effect on the direction of Symtek Automation i.e., Symtek Automation and Capital BofA go up and down completely randomly.
Pair Corralation between Symtek Automation and Capital BofA
Assuming the 90 days trading horizon Symtek Automation Asia is expected to generate 6.49 times more return on investment than Capital BofA. However, Symtek Automation is 6.49 times more volatile than Capital BofA Merrill. It trades about 0.06 of its potential returns per unit of risk. Capital BofA Merrill is currently generating about 0.41 per unit of risk. If you would invest 19,900 in Symtek Automation Asia on September 5, 2024 and sell it today you would earn a total of 800.00 from holding Symtek Automation Asia or generate 4.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Symtek Automation Asia vs. Capital BofA Merrill
Performance |
| Timeline |
| Symtek Automation Asia |
| Capital BofA Merrill |
Symtek Automation and Capital BofA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Symtek Automation and Capital BofA
The main advantage of trading using opposite Symtek Automation and Capital BofA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Symtek Automation position performs unexpectedly, Capital BofA 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 Capital BofA will offset losses from the drop in Capital BofA's long position.| Symtek Automation vs. WiseChip Semiconductor | Symtek Automation vs. Novatek Microelectronics Corp | Symtek Automation vs. Leader Electronics | Symtek Automation vs. Information Technology Total |
| Capital BofA vs. Ruentex Development Co | Capital BofA vs. Symtek Automation Asia | Capital BofA vs. CTCI Corp | Capital BofA vs. Information Technology Total |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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