Correlation Between FS Bancorp and Bank Utica
Can any of the company-specific risk be diversified away by investing in both FS Bancorp and Bank Utica 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 FS Bancorp and Bank Utica into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FS Bancorp and Bank Utica Ny, you can compare the effects of market volatilities on FS Bancorp and Bank Utica 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 FS Bancorp with a short position of Bank Utica. Check out your portfolio center. Please also check ongoing floating volatility patterns of FS Bancorp and Bank Utica.
Diversification Opportunities for FS Bancorp and Bank Utica
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between FXLG and Bank is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding FS Bancorp and Bank Utica Ny in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank Utica Ny and FS 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 FS Bancorp are associated (or correlated) with Bank Utica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank Utica Ny has no effect on the direction of FS Bancorp i.e., FS Bancorp and Bank Utica go up and down completely randomly.
Pair Corralation between FS Bancorp and Bank Utica
If you would invest 46,100 in Bank Utica Ny on January 11, 2025 and sell it today you would earn a total of 1,900 from holding Bank Utica Ny or generate 4.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
FS Bancorp vs. Bank Utica Ny
Performance |
| Timeline |
| FS Bancorp |
| Bank Utica Ny |
FS Bancorp and Bank Utica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FS Bancorp and Bank Utica
The main advantage of trading using opposite FS Bancorp and Bank Utica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FS Bancorp position performs unexpectedly, Bank Utica 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 Bank Utica will offset losses from the drop in Bank Utica's long position.| FS Bancorp vs. Banco Bradesco SA | FS Bancorp vs. Itau Unibanco Banco | FS Bancorp vs. Lloyds Banking Group | FS Bancorp vs. Deutsche Bank AG |
| Bank Utica vs. Banco Bradesco SA | Bank Utica vs. Itau Unibanco Banco | Bank Utica vs. Lloyds Banking Group | Bank Utica vs. Deutsche Bank AG |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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