Correlation Between Aquagold International and Bankwell Financial
Can any of the company-specific risk be diversified away by investing in both Aquagold International and Bankwell Financial at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Aquagold International and Bankwell Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aquagold International and Bankwell Financial Group, you can compare the effects of market volatilities on Aquagold International and Bankwell Financial 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 Aquagold International with a short position of Bankwell Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquagold International and Bankwell Financial.
Diversification Opportunities for Aquagold International and Bankwell Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aquagold and Bankwell is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aquagold International and Bankwell Financial Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bankwell Financial and Aquagold International 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 Aquagold International are associated (or correlated) with Bankwell Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bankwell Financial has no effect on the direction of Aquagold International i.e., Aquagold International and Bankwell Financial go up and down completely randomly.
Pair Corralation between Aquagold International and Bankwell Financial
If you would invest 3,068 in Bankwell Financial Group on September 12, 2024 and sell it today you would earn a total of 259.00 from holding Bankwell Financial Group or generate 8.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Aquagold International vs. Bankwell Financial Group
Performance |
| Timeline |
| Aquagold International |
| Bankwell Financial |
Aquagold International and Bankwell Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquagold International and Bankwell Financial
The main advantage of trading using opposite Aquagold International and Bankwell Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquagold International position performs unexpectedly, Bankwell Financial 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 Bankwell Financial will offset losses from the drop in Bankwell Financial's long position.| Aquagold International vs. PepsiCo | Aquagold International vs. Coca Cola Consolidated | Aquagold International vs. Monster Beverage Corp | Aquagold International vs. Celsius Holdings |
| Bankwell Financial vs. Franklin Financial Services | Bankwell Financial vs. The First Bancshares, | Bankwell Financial vs. Home Federal Bancorp | Bankwell Financial vs. Lake Shore Bancorp |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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