Correlation Between Bank of America and 382550BN0
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of America and GT 5 15 JUL 29, you can compare the effects of market volatilities on Bank of America and 382550BN0 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 382550BN0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and 382550BN0.
Diversification Opportunities for Bank of America and 382550BN0
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bank and 382550BN0 is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and GT 5 15 JUL 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 382550BN0 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 382550BN0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 382550BN0 has no effect on the direction of Bank of America i.e., Bank of America and 382550BN0 go up and down completely randomly.
Pair Corralation between Bank of America and 382550BN0
Considering the 90-day investment horizon Bank of America is expected to generate 1.48 times more return on investment than 382550BN0. However, Bank of America is 1.48 times more volatile than GT 5 15 JUL 29. It trades about 0.13 of its potential returns per unit of risk. GT 5 15 JUL 29 is currently generating about 0.05 per unit of risk. If you would invest 4,153 in Bank of America on November 1, 2024 and sell it today you would earn a total of 519.00 from holding Bank of America or generate 12.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of America vs. GT 5 15 JUL 29
Performance |
| Timeline |
| Bank of America |
| 382550BN0 |
Bank of America and 382550BN0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and 382550BN0
The main advantage of trading using opposite Bank of America and 382550BN0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, 382550BN0 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 382550BN0 will offset losses from the drop in 382550BN0's long position.| Bank of America vs. Royal Bank of | Bank of America vs. Nu Holdings | Bank of America vs. HSBC Holdings PLC | Bank of America vs. Canadian Imperial Bank |
| 382550BN0 vs. Logan Ridge Finance | 382550BN0 vs. SNDL Inc | 382550BN0 vs. Vodka Brands Corp | 382550BN0 vs. Vita Coco |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |