Correlation Between British American and Synovus Financial
Can any of the company-specific risk be diversified away by investing in both British American and Synovus Financial at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining British American and Synovus Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between British American Tobacco and Synovus Financial Corp, you can compare the effects of market volatilities on British American and Synovus Financial 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 British American with a short position of Synovus Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of British American and Synovus Financial.
Diversification Opportunities for British American and Synovus Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between British and Synovus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding British American Tobacco and Synovus Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Synovus Financial Corp and British American 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 British American Tobacco are associated (or correlated) with Synovus Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Synovus Financial Corp has no effect on the direction of British American i.e., British American and Synovus Financial go up and down completely randomly.
Pair Corralation between British American and Synovus Financial
If you would invest 3,370 in British American Tobacco on September 15, 2024 and sell it today you would earn a total of 226.00 from holding British American Tobacco or generate 6.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
British American Tobacco vs. Synovus Financial Corp
Performance |
| Timeline |
| British American Tobacco |
| Synovus Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
British American and Synovus Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with British American and Synovus Financial
The main advantage of trading using opposite British American and Synovus Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if British American position performs unexpectedly, Synovus Financial 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 Synovus Financial will offset losses from the drop in Synovus Financial's long position.| British American vs. Norwegian Air Shuttle | British American vs. Alaska Air Group | British American vs. United Breweries Co | British American vs. Tsingtao Brewery |
| Synovus Financial vs. CENTURIA OFFICE REIT | Synovus Financial vs. DATANG INTL POW | Synovus Financial vs. Datadog | Synovus Financial vs. DICKER DATA LTD |
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.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stocks Directory Find actively traded stocks across global markets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |