Correlation Between Bank of America and KEYSIGHT
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By analyzing existing cross correlation between Bank of America and KEYSIGHT TECHNOLOGIES INC, you can compare the effects of market volatilities on Bank of America and KEYSIGHT 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 KEYSIGHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and KEYSIGHT.
Diversification Opportunities for Bank of America and KEYSIGHT
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and KEYSIGHT is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and KEYSIGHT TECHNOLOGIES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEYSIGHT TECHNOLOGIES INC 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 KEYSIGHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEYSIGHT TECHNOLOGIES INC has no effect on the direction of Bank of America i.e., Bank of America and KEYSIGHT go up and down completely randomly.
Pair Corralation between Bank of America and KEYSIGHT
Considering the 90-day investment horizon Bank of America is expected to generate 2.98 times more return on investment than KEYSIGHT. However, Bank of America is 2.98 times more volatile than KEYSIGHT TECHNOLOGIES INC. It trades about 0.27 of its potential returns per unit of risk. KEYSIGHT TECHNOLOGIES INC is currently generating about -0.23 per unit of risk. If you would invest 4,253 in Bank of America on August 30, 2024 and sell it today you would earn a total of 524.00 from holding Bank of America or generate 12.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
Bank of America vs. KEYSIGHT TECHNOLOGIES INC
Performance |
| Timeline |
| Bank of America |
| KEYSIGHT TECHNOLOGIES INC |
Bank of America and KEYSIGHT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and KEYSIGHT
The main advantage of trading using opposite Bank of America and KEYSIGHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, KEYSIGHT 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 KEYSIGHT will offset losses from the drop in KEYSIGHT's long position.| Bank of America vs. Citigroup | Bank of America vs. Wells Fargo | Bank of America vs. Royal Bank of | Bank of America vs. Nu Holdings |
| KEYSIGHT vs. Univest Pennsylvania | KEYSIGHT vs. BCB Bancorp | KEYSIGHT vs. Barings BDC | KEYSIGHT vs. Pintec Technology Holdings |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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