Correlation Between Bank of America and Sartorius Aktiengesellscha
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By analyzing existing cross correlation between Bank of America and Sartorius Aktiengesellschaft, you can compare the effects of market volatilities on Bank of America and Sartorius Aktiengesellscha 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 Sartorius Aktiengesellscha. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and Sartorius Aktiengesellscha.
Diversification Opportunities for Bank of America and Sartorius Aktiengesellscha
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bank and Sartorius is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and Sartorius Aktiengesellschaft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sartorius Aktiengesellscha 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 Sartorius Aktiengesellscha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sartorius Aktiengesellscha has no effect on the direction of Bank of America i.e., Bank of America and Sartorius Aktiengesellscha go up and down completely randomly.
Pair Corralation between Bank of America and Sartorius Aktiengesellscha
Considering the 90-day investment horizon Bank of America is expected to generate 0.49 times more return on investment than Sartorius Aktiengesellscha. However, Bank of America is 2.02 times less risky than Sartorius Aktiengesellscha. It trades about 0.11 of its potential returns per unit of risk. Sartorius Aktiengesellschaft is currently generating about -0.03 per unit of risk. If you would invest 2,583 in Bank of America on August 26, 2024 and sell it today you would earn a total of 2,117 from holding Bank of America or generate 81.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.01% |
| Values | Daily Returns |
Bank of America vs. Sartorius Aktiengesellschaft
Performance |
| Timeline |
| Bank of America |
| Sartorius Aktiengesellscha |
Bank of America and Sartorius Aktiengesellscha Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and Sartorius Aktiengesellscha
The main advantage of trading using opposite Bank of America and Sartorius Aktiengesellscha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, Sartorius Aktiengesellscha 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 Sartorius Aktiengesellscha will offset losses from the drop in Sartorius Aktiengesellscha'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 |
| Sartorius Aktiengesellscha vs. PT Bank Maybank | Sartorius Aktiengesellscha vs. OAKTRSPECLENDNEW | Sartorius Aktiengesellscha vs. United States Steel | Sartorius Aktiengesellscha vs. COSMOSTEEL HLDGS |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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