Correlation Between Republic Bancorp and 90331HPL1
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By analyzing existing cross correlation between Republic Bancorp and US BANK NATIONAL, you can compare the effects of market volatilities on Republic Bancorp and 90331HPL1 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 Republic Bancorp with a short position of 90331HPL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Republic Bancorp and 90331HPL1.
Diversification Opportunities for Republic Bancorp and 90331HPL1
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Republic and 90331HPL1 is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Republic Bancorp and US BANK NATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US BANK NATIONAL and Republic Bancorp 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 Republic Bancorp are associated (or correlated) with 90331HPL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US BANK NATIONAL has no effect on the direction of Republic Bancorp i.e., Republic Bancorp and 90331HPL1 go up and down completely randomly.
Pair Corralation between Republic Bancorp and 90331HPL1
Assuming the 90 days horizon Republic Bancorp is expected to generate 1.75 times more return on investment than 90331HPL1. However, Republic Bancorp is 1.75 times more volatile than US BANK NATIONAL. It trades about -0.21 of its potential returns per unit of risk. US BANK NATIONAL is currently generating about -0.48 per unit of risk. If you would invest 7,762 in Republic Bancorp on September 23, 2024 and sell it today you would lose (591.00) from holding Republic Bancorp or give up 7.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 42.86% |
| Values | Daily Returns |
Republic Bancorp vs. US BANK NATIONAL
Performance |
| Timeline |
| Republic Bancorp |
| US BANK NATIONAL |
Republic Bancorp and 90331HPL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Republic Bancorp and 90331HPL1
The main advantage of trading using opposite Republic Bancorp and 90331HPL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Republic Bancorp position performs unexpectedly, 90331HPL1 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 90331HPL1 will offset losses from the drop in 90331HPL1's long position.| Republic Bancorp vs. First Community | Republic Bancorp vs. Community West Bancshares | Republic Bancorp vs. First Financial Northwest | Republic Bancorp vs. First Northwest Bancorp |
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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