Correlation Between Bank of America and Bonree Data
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By analyzing existing cross correlation between Bank of America and Bonree Data Technology, you can compare the effects of market volatilities on Bank of America and Bonree Data 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 Bank of America with a short position of Bonree Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and Bonree Data.
Diversification Opportunities for Bank of America and Bonree Data
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bank and Bonree is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and Bonree Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bonree Data Technology and Bank of America 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 Bank of America are associated (or correlated) with Bonree Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bonree Data Technology has no effect on the direction of Bank of America i.e., Bank of America and Bonree Data go up and down completely randomly.
Pair Corralation between Bank of America and Bonree Data
Considering the 90-day investment horizon Bank of America is expected to generate 0.26 times more return on investment than Bonree Data. However, Bank of America is 3.79 times less risky than Bonree Data. It trades about 0.21 of its potential returns per unit of risk. Bonree Data Technology is currently generating about 0.05 per unit of risk. If you would invest 4,434 in Bank of America on October 28, 2024 and sell it today you would earn a total of 218.00 from holding Bank of America or generate 4.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Bank of America vs. Bonree Data Technology
Performance |
| Timeline |
| Bank of America |
| Bonree Data Technology |
Bank of America and Bonree Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and Bonree Data
The main advantage of trading using opposite Bank of America and Bonree Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, Bonree Data 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 Bonree Data will offset losses from the drop in Bonree Data's long position.| Bank of America vs. Toronto Dominion Bank | Bank of America vs. Royal Bank of | Bank of America vs. Nu Holdings | Bank of America vs. HSBC Holdings PLC |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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