Correlation Between Citizens Northern and CVCY Old
Can any of the company-specific risk be diversified away by investing in both Citizens Northern and CVCY Old 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 Citizens Northern and CVCY Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citizens Northern Corp and CVCY Old, you can compare the effects of market volatilities on Citizens Northern and CVCY Old 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 Citizens Northern with a short position of CVCY Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citizens Northern and CVCY Old.
Diversification Opportunities for Citizens Northern and CVCY Old
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citizens and CVCY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citizens Northern Corp and CVCY Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CVCY Old and Citizens Northern 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 Citizens Northern Corp are associated (or correlated) with CVCY Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVCY Old has no effect on the direction of Citizens Northern i.e., Citizens Northern and CVCY Old go up and down completely randomly.
Pair Corralation between Citizens Northern and CVCY Old
If you would invest 1,861 in Citizens Northern Corp on October 25, 2024 and sell it today you would earn a total of 35.00 from holding Citizens Northern Corp or generate 1.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Citizens Northern Corp vs. CVCY Old
Performance |
| Timeline |
| Citizens Northern Corp |
| CVCY Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citizens Northern and CVCY Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citizens Northern and CVCY Old
The main advantage of trading using opposite Citizens Northern and CVCY Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citizens Northern position performs unexpectedly, CVCY Old 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 CVCY Old will offset losses from the drop in CVCY Old's long position.| Citizens Northern vs. Penns Woods Bancorp | Citizens Northern vs. Chemung Financial Corp | Citizens Northern vs. Enterprise Bancorp |
| CVCY Old vs. Home Federal Bancorp | CVCY Old vs. First Northwest Bancorp | CVCY Old vs. Magyar Bancorp | CVCY Old vs. First United |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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