Correlation Between First Citizens and Greenville Federal
Can any of the company-specific risk be diversified away by investing in both First Citizens and Greenville Federal 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 First Citizens and Greenville Federal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The First Citizens and Greenville Federal Financial, you can compare the effects of market volatilities on First Citizens and Greenville Federal 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 First Citizens with a short position of Greenville Federal. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Citizens and Greenville Federal.
Diversification Opportunities for First Citizens and Greenville Federal
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between First and Greenville is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The First Citizens and Greenville Federal Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenville Federal and First Citizens 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 The First Citizens are associated (or correlated) with Greenville Federal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenville Federal has no effect on the direction of First Citizens i.e., First Citizens and Greenville Federal go up and down completely randomly.
Pair Corralation between First Citizens and Greenville Federal
Given the investment horizon of 90 days The First Citizens is expected to under-perform the Greenville Federal. But the pink sheet apears to be less risky and, when comparing its historical volatility, The First Citizens is 1.89 times less risky than Greenville Federal. The pink sheet trades about -0.02 of its potential returns per unit of risk. The Greenville Federal Financial is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 765.00 in Greenville Federal Financial on September 1, 2024 and sell it today you would lose (65.00) from holding Greenville Federal Financial or give up 8.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 27.35% |
| Values | Daily Returns |
The First Citizens vs. Greenville Federal Financial
Performance |
| Timeline |
| First Citizens |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Greenville Federal |
First Citizens and Greenville Federal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First Citizens and Greenville Federal
The main advantage of trading using opposite First Citizens and Greenville Federal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Citizens position performs unexpectedly, Greenville Federal 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 Greenville Federal will offset losses from the drop in Greenville Federal's long position.| First Citizens vs. JD Sports Fashion | First Citizens vs. Beyond Meat | First Citizens vs. FitLife Brands, Common | First Citizens vs. Playa Hotels Resorts |
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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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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