Correlation Between Bank of America and 06051GHX0
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By analyzing existing cross correlation between Bank of America and BANK OF AMERICA, you can compare the effects of market volatilities on Bank of America and 06051GHX0 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 06051GHX0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and 06051GHX0.
Diversification Opportunities for Bank of America and 06051GHX0
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and 06051GHX0 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and BANK OF AMERICA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK OF AMERICA 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 06051GHX0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK OF AMERICA has no effect on the direction of Bank of America i.e., Bank of America and 06051GHX0 go up and down completely randomly.
Pair Corralation between Bank of America and 06051GHX0
If you would invest 4,231 in Bank of America on August 31, 2024 and sell it today you would earn a total of 546.00 from holding Bank of America or generate 12.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Bank of America vs. BANK OF AMERICA
Performance |
| Timeline |
| Bank of America |
| BANK OF AMERICA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank of America and 06051GHX0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and 06051GHX0
The main advantage of trading using opposite Bank of America and 06051GHX0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, 06051GHX0 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 06051GHX0 will offset losses from the drop in 06051GHX0's long position.| Bank of America vs. RLJ Lodging Trust | Bank of America vs. Aquagold International | Bank of America vs. Stepstone Group | Bank of America vs. Morningstar Unconstrained Allocation |
| 06051GHX0 vs. Getty Images Holdings | 06051GHX0 vs. Integral Ad Science | 06051GHX0 vs. KVH Industries | 06051GHX0 vs. Sphere Entertainment Co |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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