Correlation Between Bank of America and Yatharth Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of America and Yatharth Hospital Trauma, you can compare the effects of market volatilities on Bank of America and Yatharth Hospital 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 Yatharth Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and Yatharth Hospital.
Diversification Opportunities for Bank of America and Yatharth Hospital
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bank and Yatharth is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and Yatharth Hospital Trauma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yatharth Hospital Trauma 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 Yatharth Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yatharth Hospital Trauma has no effect on the direction of Bank of America i.e., Bank of America and Yatharth Hospital go up and down completely randomly.
Pair Corralation between Bank of America and Yatharth Hospital
Considering the 90-day investment horizon Bank of America is expected to generate 0.83 times more return on investment than Yatharth Hospital. However, Bank of America is 1.21 times less risky than Yatharth Hospital. It trades about 0.27 of its potential returns per unit of risk. Yatharth Hospital Trauma is currently generating about -0.18 per unit of risk. If you would invest 4,262 in Bank of America on August 29, 2024 and sell it today you would earn a total of 513.00 from holding Bank of America or generate 12.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Bank of America vs. Yatharth Hospital Trauma
Performance |
| Timeline |
| Bank of America |
| Yatharth Hospital Trauma |
Bank of America and Yatharth Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and Yatharth Hospital
The main advantage of trading using opposite Bank of America and Yatharth Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, Yatharth Hospital 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 Yatharth Hospital will offset losses from the drop in Yatharth Hospital's long position.| Bank of America vs. Nu Holdings | Bank of America vs. HSBC Holdings PLC | Bank of America vs. Bank of Nova |
| Yatharth Hospital vs. Indian Railway Finance | Yatharth Hospital vs. Cholamandalam Financial Holdings | Yatharth Hospital vs. Reliance Industries Limited | Yatharth Hospital vs. Tata Consultancy Services |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |