Correlation Between Northeast Indiana and Quaint Oak
Can any of the company-specific risk be diversified away by investing in both Northeast Indiana and Quaint Oak 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 Northeast Indiana and Quaint Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Northeast Indiana Bancorp and Quaint Oak Bancorp, you can compare the effects of market volatilities on Northeast Indiana and Quaint Oak 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 Northeast Indiana with a short position of Quaint Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northeast Indiana and Quaint Oak.
Diversification Opportunities for Northeast Indiana and Quaint Oak
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Northeast and Quaint is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Northeast Indiana Bancorp and Quaint Oak Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quaint Oak Bancorp and Northeast Indiana 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 Northeast Indiana Bancorp are associated (or correlated) with Quaint Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quaint Oak Bancorp has no effect on the direction of Northeast Indiana i.e., Northeast Indiana and Quaint Oak go up and down completely randomly.
Pair Corralation between Northeast Indiana and Quaint Oak
If you would invest (100.00) in Northeast Indiana Bancorp on December 4, 2024 and sell it today you would earn a total of 100.00 from holding Northeast Indiana Bancorp or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Northeast Indiana Bancorp vs. Quaint Oak Bancorp
Performance |
| Timeline |
| Northeast Indiana Bancorp |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Quaint Oak Bancorp |
Northeast Indiana and Quaint Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northeast Indiana and Quaint Oak
The main advantage of trading using opposite Northeast Indiana and Quaint Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northeast Indiana position performs unexpectedly, Quaint Oak 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 Quaint Oak will offset losses from the drop in Quaint Oak's long position.| Northeast Indiana vs. PSB Holdings | ||
| Northeast Indiana vs. Chesapeake Finl Shs | ||
| Northeast Indiana vs. Eagle Financial Services | ||
| Northeast Indiana vs. CCFNB Bancorp |
| Quaint Oak vs. Home Federal Bancorp | ||
| Quaint Oak vs. Community West Bancshares | ||
| Quaint Oak vs. Magyar Bancorp | ||
| Quaint Oak vs. IF 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |