Correlation Between Byline Bancorp and Glassbridge Enterprises
Can any of the company-specific risk be diversified away by investing in both Byline Bancorp and Glassbridge Enterprises 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 Byline Bancorp and Glassbridge Enterprises into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Byline Bancorp and Glassbridge Enterprises, you can compare the effects of market volatilities on Byline Bancorp and Glassbridge Enterprises 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 Byline Bancorp with a short position of Glassbridge Enterprises. Check out your portfolio center. Please also check ongoing floating volatility patterns of Byline Bancorp and Glassbridge Enterprises.
Diversification Opportunities for Byline Bancorp and Glassbridge Enterprises
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Byline and Glassbridge is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Byline Bancorp and Glassbridge Enterprises in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glassbridge Enterprises and Byline 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 Byline Bancorp are associated (or correlated) with Glassbridge Enterprises. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glassbridge Enterprises has no effect on the direction of Byline Bancorp i.e., Byline Bancorp and Glassbridge Enterprises go up and down completely randomly.
Pair Corralation between Byline Bancorp and Glassbridge Enterprises
If you would invest 2,775 in Byline Bancorp on August 27, 2024 and sell it today you would earn a total of 419.00 from holding Byline Bancorp or generate 15.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Byline Bancorp vs. Glassbridge Enterprises
Performance |
| Timeline |
| Byline Bancorp |
| Glassbridge Enterprises |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Byline Bancorp and Glassbridge Enterprises Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Byline Bancorp and Glassbridge Enterprises
The main advantage of trading using opposite Byline Bancorp and Glassbridge Enterprises positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Byline Bancorp position performs unexpectedly, Glassbridge Enterprises 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 Glassbridge Enterprises will offset losses from the drop in Glassbridge Enterprises' long position.| Byline Bancorp vs. Affinity Bancshares | Byline Bancorp vs. Home Federal Bancorp | Byline Bancorp vs. LINKBANCORP | Byline Bancorp vs. Bankwell Financial Group |
| Glassbridge Enterprises vs. Brookfield Corp | Glassbridge Enterprises vs. KKR Co LP | Glassbridge Enterprises vs. Blackstone Group | Glassbridge Enterprises vs. T Rowe Price |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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