Correlation Between Bank of America and Future Retail
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By analyzing existing cross correlation between Bank of America and Future Retail Limited, you can compare the effects of market volatilities on Bank of America and Future Retail 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 Future Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and Future Retail.
Diversification Opportunities for Bank of America and Future Retail
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and Future is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and Future Retail Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Future Retail Limited 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 Future Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Future Retail Limited has no effect on the direction of Bank of America i.e., Bank of America and Future Retail go up and down completely randomly.
Pair Corralation between Bank of America and Future Retail
If you would invest 3,945 in Bank of America on August 25, 2024 and sell it today you would earn a total of 755.00 from holding Bank of America or generate 19.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.33% |
| Values | Daily Returns |
Bank of America vs. Future Retail Limited
Performance |
| Timeline |
| Bank of America |
| Future Retail Limited |
Bank of America and Future Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and Future Retail
The main advantage of trading using opposite Bank of America and Future Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, Future Retail 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 Future Retail will offset losses from the drop in Future Retail's long position.| Bank of America vs. Toronto Dominion Bank | Bank of America vs. Nu Holdings | Bank of America vs. HSBC Holdings PLC | Bank of America vs. Bank of Montreal |
| Future Retail vs. Tata Consultancy Services | Future Retail vs. Quess Corp Limited | Future Retail vs. Reliance Industries Limited | Future Retail vs. SIS LIMITED |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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