Correlation Between Glacier Bancorp and Inuvo
Can any of the company-specific risk be diversified away by investing in both Glacier Bancorp and Inuvo 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 Inuvo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glacier Bancorp and Inuvo Inc, you can compare the effects of market volatilities on Glacier Bancorp and Inuvo 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 Inuvo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glacier Bancorp and Inuvo.
Diversification Opportunities for Glacier Bancorp and Inuvo
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Glacier and Inuvo is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Glacier Bancorp and Inuvo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inuvo Inc 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 Inuvo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inuvo Inc has no effect on the direction of Glacier Bancorp i.e., Glacier Bancorp and Inuvo go up and down completely randomly.
Pair Corralation between Glacier Bancorp and Inuvo
Given the investment horizon of 90 days Glacier Bancorp is expected to generate 2.22 times less return on investment than Inuvo. But when comparing it to its historical volatility, Glacier Bancorp is 2.16 times less risky than Inuvo. It trades about 0.02 of its potential returns per unit of risk. Inuvo Inc is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 28.00 in Inuvo Inc on August 26, 2024 and sell it today you would lose (4.00) from holding Inuvo Inc or give up 14.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Glacier Bancorp vs. Inuvo Inc
Performance |
| Timeline |
| Glacier Bancorp |
| Inuvo Inc |
Glacier Bancorp and Inuvo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glacier Bancorp and Inuvo
The main advantage of trading using opposite Glacier Bancorp and Inuvo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glacier Bancorp position performs unexpectedly, Inuvo 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 Inuvo will offset losses from the drop in Inuvo's long position.| Glacier Bancorp vs. CVB Financial | Glacier Bancorp vs. Independent Bank Group | Glacier Bancorp vs. Columbia Banking System | Glacier Bancorp vs. First Financial Bankshares |
| Inuvo vs. MGO Global Common | Inuvo vs. Baosheng Media Group | Inuvo vs. National CineMedia | Inuvo vs. Xunlei Ltd Adr |
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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