Correlation Between BCB Bancorp and 57667JAA0
Specify exactly 2 symbols:
By analyzing existing cross correlation between BCB Bancorp and US57667JAA07, you can compare the effects of market volatilities on BCB Bancorp and 57667JAA0 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 57667JAA0. Check out your portfolio center. Please also check ongoing floating volatility patterns of BCB Bancorp and 57667JAA0.
Diversification Opportunities for BCB Bancorp and 57667JAA0
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BCB and 57667JAA0 is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding BCB Bancorp and US57667JAA07 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US57667JAA07 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 57667JAA0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US57667JAA07 has no effect on the direction of BCB Bancorp i.e., BCB Bancorp and 57667JAA0 go up and down completely randomly.
Pair Corralation between BCB Bancorp and 57667JAA0
Given the investment horizon of 90 days BCB Bancorp is expected to generate 1.61 times more return on investment than 57667JAA0. However, BCB Bancorp is 1.61 times more volatile than US57667JAA07. It trades about 0.27 of its potential returns per unit of risk. US57667JAA07 is currently generating about -0.23 per unit of risk. If you would invest 1,187 in BCB Bancorp on September 2, 2024 and sell it today you would earn a total of 140.00 from holding BCB Bancorp or generate 11.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
BCB Bancorp vs. US57667JAA07
Performance |
| Timeline |
| BCB Bancorp |
| US57667JAA07 |
BCB Bancorp and 57667JAA0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BCB Bancorp and 57667JAA0
The main advantage of trading using opposite BCB Bancorp and 57667JAA0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BCB Bancorp position performs unexpectedly, 57667JAA0 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 57667JAA0 will offset losses from the drop in 57667JAA0'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 |
| 57667JAA0 vs. Juniata Valley Financial | 57667JAA0 vs. Arrow Financial | 57667JAA0 vs. BCB Bancorp | 57667JAA0 vs. Commonwealth Bank of |
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.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |