Correlation Between NYSE Composite and KEYBANK
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By analyzing existing cross correlation between NYSE Composite and KEYBANK NATL ASSN, you can compare the effects of market volatilities on NYSE Composite and KEYBANK 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 NYSE Composite with a short position of KEYBANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and KEYBANK.
Diversification Opportunities for NYSE Composite and KEYBANK
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between NYSE and KEYBANK is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and KEYBANK NATL ASSN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEYBANK NATL ASSN and NYSE Composite 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 NYSE Composite are associated (or correlated) with KEYBANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEYBANK NATL ASSN has no effect on the direction of NYSE Composite i.e., NYSE Composite and KEYBANK go up and down completely randomly.
Pair Corralation between NYSE Composite and KEYBANK
Assuming the 90 days trading horizon NYSE Composite is expected to generate 0.97 times more return on investment than KEYBANK. However, NYSE Composite is 1.03 times less risky than KEYBANK. It trades about 0.26 of its potential returns per unit of risk. KEYBANK NATL ASSN is currently generating about -0.3 per unit of risk. If you would invest 1,945,669 in NYSE Composite on August 30, 2024 and sell it today you would earn a total of 75,313 from holding NYSE Composite or generate 3.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 39.13% |
| Values | Daily Returns |
NYSE Composite vs. KEYBANK NATL ASSN
Performance |
| Timeline |
NYSE Composite and KEYBANK Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
KEYBANK NATL ASSN
Pair trading matchups for KEYBANK
Pair Trading with NYSE Composite and KEYBANK
The main advantage of trading using opposite NYSE Composite and KEYBANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, KEYBANK 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 KEYBANK will offset losses from the drop in KEYBANK's long position.| NYSE Composite vs. Delek Drilling | NYSE Composite vs. Helmerich and Payne | NYSE Composite vs. Waste Management | NYSE Composite vs. US Global Investors |
| KEYBANK vs. AEP TEX INC | KEYBANK vs. US BANK NATIONAL | KEYBANK vs. Nasdaq Inc | KEYBANK vs. Vertiv Holdings Co |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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