Correlation Between National Bank and ANGKOR GOLD
Can any of the company-specific risk be diversified away by investing in both National Bank and ANGKOR GOLD 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 National Bank and ANGKOR GOLD into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National Bank Holdings and ANGKOR GOLD, you can compare the effects of market volatilities on National Bank and ANGKOR GOLD 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 National Bank with a short position of ANGKOR GOLD. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Bank and ANGKOR GOLD.
Diversification Opportunities for National Bank and ANGKOR GOLD
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and ANGKOR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National Bank Holdings and ANGKOR GOLD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANGKOR GOLD and National Bank 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 National Bank Holdings are associated (or correlated) with ANGKOR GOLD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANGKOR GOLD has no effect on the direction of National Bank i.e., National Bank and ANGKOR GOLD go up and down completely randomly.
Pair Corralation between National Bank and ANGKOR GOLD
If you would invest 3,218 in National Bank Holdings on September 4, 2024 and sell it today you would earn a total of 1,202 from holding National Bank Holdings or generate 37.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
National Bank Holdings vs. ANGKOR GOLD
Performance |
| Timeline |
| National Bank Holdings |
| ANGKOR GOLD |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
National Bank and ANGKOR GOLD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Bank and ANGKOR GOLD
The main advantage of trading using opposite National Bank and ANGKOR GOLD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Bank position performs unexpectedly, ANGKOR GOLD 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 ANGKOR GOLD will offset losses from the drop in ANGKOR GOLD's long position.| National Bank vs. US Bancorp | National Bank vs. The PNC Financial | National Bank vs. Fifth Third Bancorp | National Bank vs. Regions Financial |
| ANGKOR GOLD vs. Tradegate AG Wertpapierhandelsbank | ANGKOR GOLD vs. BANKINTER ADR 2007 | ANGKOR GOLD vs. Lamar Advertising | ANGKOR GOLD vs. National Bank Holdings |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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