Correlation Between ConnectOne Bancorp and 251566AA3
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By analyzing existing cross correlation between ConnectOne Bancorp and DT 3625 21 JAN 50, you can compare the effects of market volatilities on ConnectOne Bancorp and 251566AA3 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 ConnectOne Bancorp with a short position of 251566AA3. Check out your portfolio center. Please also check ongoing floating volatility patterns of ConnectOne Bancorp and 251566AA3.
Diversification Opportunities for ConnectOne Bancorp and 251566AA3
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ConnectOne and 251566AA3 is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding ConnectOne Bancorp and DT 3625 21 JAN 50 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DT 3625 21 and ConnectOne 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 ConnectOne Bancorp are associated (or correlated) with 251566AA3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DT 3625 21 has no effect on the direction of ConnectOne Bancorp i.e., ConnectOne Bancorp and 251566AA3 go up and down completely randomly.
Pair Corralation between ConnectOne Bancorp and 251566AA3
Assuming the 90 days horizon ConnectOne Bancorp is expected to generate 1.0 times more return on investment than 251566AA3. However, ConnectOne Bancorp is 1.0 times more volatile than DT 3625 21 JAN 50. It trades about 0.11 of its potential returns per unit of risk. DT 3625 21 JAN 50 is currently generating about -0.09 per unit of risk. If you would invest 2,009 in ConnectOne Bancorp on December 10, 2024 and sell it today you would earn a total of 264.00 from holding ConnectOne Bancorp or generate 13.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 59.35% |
| Values | Daily Returns |
ConnectOne Bancorp vs. DT 3625 21 JAN 50
Performance |
| Timeline |
| ConnectOne Bancorp |
| DT 3625 21 |
ConnectOne Bancorp and 251566AA3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ConnectOne Bancorp and 251566AA3
The main advantage of trading using opposite ConnectOne Bancorp and 251566AA3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ConnectOne Bancorp position performs unexpectedly, 251566AA3 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 251566AA3 will offset losses from the drop in 251566AA3's long position.| ConnectOne Bancorp vs. Dime Community Bancshares | ConnectOne Bancorp vs. Washington Federal | ConnectOne Bancorp vs. CNB Financial | ConnectOne Bancorp vs. First Guaranty Bancshares |
| 251566AA3 vs. Summit Hotel Properties | 251566AA3 vs. RCI Hospitality Holdings | 251566AA3 vs. Artisan Partners Asset | 251566AA3 vs. Playa Hotels Resorts |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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