Correlation Between BCB Bancorp and 437076BX9
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By analyzing existing cross correlation between BCB Bancorp and HOME DEPOT INC, you can compare the effects of market volatilities on BCB Bancorp and 437076BX9 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 437076BX9. Check out your portfolio center. Please also check ongoing floating volatility patterns of BCB Bancorp and 437076BX9.
Diversification Opportunities for BCB Bancorp and 437076BX9
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between BCB and 437076BX9 is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding BCB Bancorp and HOME DEPOT INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HOME DEPOT INC 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 437076BX9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HOME DEPOT INC has no effect on the direction of BCB Bancorp i.e., BCB Bancorp and 437076BX9 go up and down completely randomly.
Pair Corralation between BCB Bancorp and 437076BX9
Given the investment horizon of 90 days BCB Bancorp is expected to generate 0.89 times more return on investment than 437076BX9. However, BCB Bancorp is 1.13 times less risky than 437076BX9. It trades about 0.19 of its potential returns per unit of risk. HOME DEPOT INC is currently generating about 0.16 per unit of risk. If you would invest 1,219 in BCB Bancorp on August 31, 2024 and sell it today you would earn a total of 105.00 from holding BCB Bancorp or generate 8.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BCB Bancorp vs. HOME DEPOT INC
Performance |
| Timeline |
| BCB Bancorp |
| HOME DEPOT INC |
BCB Bancorp and 437076BX9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BCB Bancorp and 437076BX9
The main advantage of trading using opposite BCB Bancorp and 437076BX9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BCB Bancorp position performs unexpectedly, 437076BX9 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 437076BX9 will offset losses from the drop in 437076BX9's long position.| BCB Bancorp vs. Provident Financial Services | BCB Bancorp vs. First Mid Illinois | BCB Bancorp vs. ConnectOne Bancorp | BCB Bancorp vs. Finward Bancorp |
| 437076BX9 vs. PennantPark Floating Rate | 437076BX9 vs. Chiba Bank Ltd | 437076BX9 vs. BCB Bancorp | 437076BX9 vs. Artisan Partners Asset |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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