Correlation Between Bank of America and 693475BB0
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of America and PNC 115 13 AUG 26, you can compare the effects of market volatilities on Bank of America and 693475BB0 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 693475BB0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and 693475BB0.
Diversification Opportunities for Bank of America and 693475BB0
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bank and 693475BB0 is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and PNC 115 13 AUG 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PNC 115 13 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 693475BB0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PNC 115 13 has no effect on the direction of Bank of America i.e., Bank of America and 693475BB0 go up and down completely randomly.
Pair Corralation between Bank of America and 693475BB0
Considering the 90-day investment horizon Bank of America is expected to generate 1.97 times more return on investment than 693475BB0. However, Bank of America is 1.97 times more volatile than PNC 115 13 AUG 26. It trades about 0.29 of its potential returns per unit of risk. PNC 115 13 AUG 26 is currently generating about -0.22 per unit of risk. 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 | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
Bank of America vs. PNC 115 13 AUG 26
Performance |
| Timeline |
| Bank of America |
| PNC 115 13 |
Bank of America and 693475BB0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and 693475BB0
The main advantage of trading using opposite Bank of America and 693475BB0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, 693475BB0 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 693475BB0 will offset losses from the drop in 693475BB0'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 |
| 693475BB0 vs. Dolphin Entertainment | 693475BB0 vs. Vita Coco | 693475BB0 vs. Integral Ad Science | 693475BB0 vs. Organic Sales and |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |