Correlation Between BCB Bancorp and COMCAST
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By analyzing existing cross correlation between BCB Bancorp and COMCAST P NEW, you can compare the effects of market volatilities on BCB Bancorp and COMCAST 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 BCB Bancorp with a short position of COMCAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of BCB Bancorp and COMCAST.
Diversification Opportunities for BCB Bancorp and COMCAST
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BCB and COMCAST is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding BCB Bancorp and COMCAST P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMCAST P NEW and BCB Bancorp 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 BCB Bancorp are associated (or correlated) with COMCAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMCAST P NEW has no effect on the direction of BCB Bancorp i.e., BCB Bancorp and COMCAST go up and down completely randomly.
Pair Corralation between BCB Bancorp and COMCAST
Given the investment horizon of 90 days BCB Bancorp is expected to generate 1.68 times more return on investment than COMCAST. However, BCB Bancorp is 1.68 times more volatile than COMCAST P NEW. It trades about 0.25 of its potential returns per unit of risk. COMCAST P NEW is currently generating about 0.0 per unit of risk. If you would invest 1,204 in BCB Bancorp on August 30, 2024 and sell it today you would earn a total of 137.00 from holding BCB Bancorp or generate 11.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 40.91% |
| Values | Daily Returns |
BCB Bancorp vs. COMCAST P NEW
Performance |
| Timeline |
| BCB Bancorp |
| COMCAST P NEW |
BCB Bancorp and COMCAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BCB Bancorp and COMCAST
The main advantage of trading using opposite BCB Bancorp and COMCAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BCB Bancorp position performs unexpectedly, COMCAST 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 COMCAST will offset losses from the drop in COMCAST's long position.| BCB Bancorp vs. SVB T Corp | BCB Bancorp vs. First Capital | BCB Bancorp vs. Pioneer Bankcorp | BCB Bancorp vs. Liberty Northwest Bancorp |
| COMCAST vs. SNDL Inc | COMCAST vs. Black Hills | COMCAST vs. Suburban Propane Partners | COMCAST vs. Pure Cycle |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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