Correlation Between NYCB Old and Regions Financial
Can any of the company-specific risk be diversified away by investing in both NYCB Old and Regions Financial 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 NYCB Old and Regions Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYCB Old and Regions Financial, you can compare the effects of market volatilities on NYCB Old and Regions Financial 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 NYCB Old with a short position of Regions Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYCB Old and Regions Financial.
Diversification Opportunities for NYCB Old and Regions Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NYCB and Regions is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NYCB Old and Regions Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regions Financial and NYCB Old 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 NYCB Old are associated (or correlated) with Regions Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regions Financial has no effect on the direction of NYCB Old i.e., NYCB Old and Regions Financial go up and down completely randomly.
Pair Corralation between NYCB Old and Regions Financial
If you would invest 2,420 in Regions Financial on November 18, 2024 and sell it today you would earn a total of 12.00 from holding Regions Financial or generate 0.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
NYCB Old vs. Regions Financial
Performance |
| Timeline |
| NYCB Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Regions Financial |
NYCB Old and Regions Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NYCB Old and Regions Financial
The main advantage of trading using opposite NYCB Old and Regions Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYCB Old position performs unexpectedly, Regions Financial 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 Regions Financial will offset losses from the drop in Regions Financial's long position.| NYCB Old vs. KeyCorp | NYCB Old vs. Fifth Third Bancorp | NYCB Old vs. Regions Financial | NYCB Old vs. Zions Bancorporation |
| Regions Financial vs. Home Federal Bancorp | Regions Financial vs. Lake Shore Bancorp | Regions Financial vs. Old Point Financial | Regions Financial vs. Parke 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |