Correlation Between CNB Corp and Apollo Bancorp
Can any of the company-specific risk be diversified away by investing in both CNB Corp and Apollo Bancorp 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 CNB Corp and Apollo Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CNB Corp and Apollo Bancorp, you can compare the effects of market volatilities on CNB Corp and Apollo Bancorp 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 CNB Corp with a short position of Apollo Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNB Corp and Apollo Bancorp.
Diversification Opportunities for CNB Corp and Apollo Bancorp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CNB and Apollo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CNB Corp and Apollo Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Bancorp and CNB Corp 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 CNB Corp are associated (or correlated) with Apollo Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Bancorp has no effect on the direction of CNB Corp i.e., CNB Corp and Apollo Bancorp go up and down completely randomly.
Pair Corralation between CNB Corp and Apollo Bancorp
If you would invest 6,500 in CNB Corp on September 2, 2024 and sell it today you would earn a total of 0.00 from holding CNB Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNB Corp vs. Apollo Bancorp
Performance |
| Timeline |
| CNB Corp |
| Apollo Bancorp |
CNB Corp and Apollo Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNB Corp and Apollo Bancorp
The main advantage of trading using opposite CNB Corp and Apollo Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNB Corp position performs unexpectedly, Apollo Bancorp 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 Apollo Bancorp will offset losses from the drop in Apollo Bancorp's long position.| CNB Corp vs. Apollo Bancorp | CNB Corp vs. The Farmers Bank | CNB Corp vs. Bank of Utica | CNB Corp vs. Delhi Bank Corp |
| Apollo Bancorp vs. The Farmers Bank | Apollo Bancorp vs. Bank of Utica | Apollo Bancorp vs. Delhi Bank Corp | Apollo Bancorp vs. CCSB Financial Corp |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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