Correlation Between Glacier Bancorp and HMN Financial
Can any of the company-specific risk be diversified away by investing in both Glacier Bancorp and HMN Financial 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 Glacier Bancorp and HMN Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glacier Bancorp and HMN Financial, you can compare the effects of market volatilities on Glacier Bancorp and HMN Financial 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 Glacier Bancorp with a short position of HMN Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glacier Bancorp and HMN Financial.
Diversification Opportunities for Glacier Bancorp and HMN Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Glacier and HMN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Glacier Bancorp and HMN Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HMN Financial and Glacier 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 Glacier Bancorp are associated (or correlated) with HMN Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HMN Financial has no effect on the direction of Glacier Bancorp i.e., Glacier Bancorp and HMN Financial go up and down completely randomly.
Pair Corralation between Glacier Bancorp and HMN Financial
If you would invest 4,627 in Glacier Bancorp on October 22, 2024 and sell it today you would earn a total of 492.00 from holding Glacier Bancorp or generate 10.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.64% |
| Values | Daily Returns |
Glacier Bancorp vs. HMN Financial
Performance |
| Timeline |
| Glacier Bancorp |
| HMN Financial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Glacier Bancorp and HMN Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glacier Bancorp and HMN Financial
The main advantage of trading using opposite Glacier Bancorp and HMN Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glacier Bancorp position performs unexpectedly, HMN Financial 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 HMN Financial will offset losses from the drop in HMN Financial's long position.| Glacier Bancorp vs. CVB Financial | Glacier Bancorp vs. Columbia Banking System | Glacier Bancorp vs. First Financial Bankshares | Glacier Bancorp vs. BancFirst |
| HMN Financial vs. Magyar Bancorp | HMN Financial vs. Home Federal Bancorp | HMN Financial vs. First Financial Northwest | HMN Financial vs. First Northwest Bancorp |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |