Correlation Between Bank of America and Apollo Sindoori
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By analyzing existing cross correlation between Bank of America and Apollo Sindoori Hotels, you can compare the effects of market volatilities on Bank of America and Apollo Sindoori 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 Apollo Sindoori. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and Apollo Sindoori.
Diversification Opportunities for Bank of America and Apollo Sindoori
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bank and Apollo is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and Apollo Sindoori Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Sindoori Hotels 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 Apollo Sindoori. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Sindoori Hotels has no effect on the direction of Bank of America i.e., Bank of America and Apollo Sindoori go up and down completely randomly.
Pair Corralation between Bank of America and Apollo Sindoori
Considering the 90-day investment horizon Bank of America is expected to generate 0.98 times more return on investment than Apollo Sindoori. However, Bank of America is 1.02 times less risky than Apollo Sindoori. It trades about 0.22 of its potential returns per unit of risk. Apollo Sindoori Hotels is currently generating about -0.01 per unit of risk. If you would invest 4,265 in Bank of America on August 25, 2024 and sell it today you would earn a total of 435.00 from holding Bank of America or generate 10.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Bank of America vs. Apollo Sindoori Hotels
Performance |
| Timeline |
| Bank of America |
| Apollo Sindoori Hotels |
Bank of America and Apollo Sindoori Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and Apollo Sindoori
The main advantage of trading using opposite Bank of America and Apollo Sindoori positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, Apollo Sindoori 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 Apollo Sindoori will offset losses from the drop in Apollo Sindoori's long position.| Bank of America vs. Amtech Systems | Bank of America vs. Gold Fields Ltd | Bank of America vs. Aegean Airlines SA | Bank of America vs. Merck Company |
| Apollo Sindoori vs. Reliance Industries Limited | Apollo Sindoori vs. Life Insurance | Apollo Sindoori vs. Indian Oil | Apollo Sindoori vs. Oil Natural Gas |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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