Correlation Between Hanmi Financial and 37190AAA7
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By analyzing existing cross correlation between Hanmi Financial and G 175 10 APR 26, you can compare the effects of market volatilities on Hanmi Financial and 37190AAA7 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 Hanmi Financial with a short position of 37190AAA7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and 37190AAA7.
Diversification Opportunities for Hanmi Financial and 37190AAA7
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hanmi and 37190AAA7 is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and G 175 10 APR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 37190AAA7 and Hanmi Financial 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 Hanmi Financial are associated (or correlated) with 37190AAA7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 37190AAA7 has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and 37190AAA7 go up and down completely randomly.
Pair Corralation between Hanmi Financial and 37190AAA7
Given the investment horizon of 90 days Hanmi Financial is expected to under-perform the 37190AAA7. In addition to that, Hanmi Financial is 1.08 times more volatile than G 175 10 APR 26. It trades about -0.44 of its total potential returns per unit of risk. G 175 10 APR 26 is currently generating about -0.35 per unit of volatility. If you would invest 9,602 in G 175 10 APR 26 on October 13, 2024 and sell it today you would lose (572.00) from holding G 175 10 APR 26 or give up 5.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 42.11% |
| Values | Daily Returns |
Hanmi Financial vs. G 175 10 APR 26
Performance |
| Timeline |
| Hanmi Financial |
| 37190AAA7 |
Hanmi Financial and 37190AAA7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hanmi Financial and 37190AAA7
The main advantage of trading using opposite Hanmi Financial and 37190AAA7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, 37190AAA7 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 37190AAA7 will offset losses from the drop in 37190AAA7's long position.| Hanmi Financial vs. OP Bancorp | Hanmi Financial vs. PCB Bancorp | Hanmi Financial vs. Heritage Commerce Corp | Hanmi Financial vs. Riverview Bancorp |
| 37190AAA7 vs. Sapiens International | 37190AAA7 vs. CVR Partners LP | 37190AAA7 vs. Kingboard Chemical Holdings | 37190AAA7 vs. Park Electrochemical |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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