Correlation Between BCB Bancorp and 970648AK7
Specify exactly 2 symbols:
By analyzing existing cross correlation between BCB Bancorp and WTW 3875 15 SEP 49, you can compare the effects of market volatilities on BCB Bancorp and 970648AK7 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 970648AK7. Check out your portfolio center. Please also check ongoing floating volatility patterns of BCB Bancorp and 970648AK7.
Diversification Opportunities for BCB Bancorp and 970648AK7
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BCB and 970648AK7 is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding BCB Bancorp and WTW 3875 15 SEP 49 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WTW 3875 15 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 970648AK7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WTW 3875 15 has no effect on the direction of BCB Bancorp i.e., BCB Bancorp and 970648AK7 go up and down completely randomly.
Pair Corralation between BCB Bancorp and 970648AK7
Given the investment horizon of 90 days BCB Bancorp is expected to generate 2.18 times more return on investment than 970648AK7. However, BCB Bancorp is 2.18 times more volatile than WTW 3875 15 SEP 49. It trades about 0.06 of its potential returns per unit of risk. WTW 3875 15 SEP 49 is currently generating about -0.12 per unit of risk. If you would invest 1,182 in BCB Bancorp on September 12, 2024 and sell it today you would earn a total of 81.00 from holding BCB Bancorp or generate 6.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 71.88% |
| Values | Daily Returns |
BCB Bancorp vs. WTW 3875 15 SEP 49
Performance |
| Timeline |
| BCB Bancorp |
| WTW 3875 15 |
BCB Bancorp and 970648AK7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BCB Bancorp and 970648AK7
The main advantage of trading using opposite BCB Bancorp and 970648AK7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BCB Bancorp position performs unexpectedly, 970648AK7 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 970648AK7 will offset losses from the drop in 970648AK7'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 |
| 970648AK7 vs. BCB Bancorp | 970648AK7 vs. The Gap, | 970648AK7 vs. PennantPark Floating Rate | 970648AK7 vs. Zumiez Inc |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |