Correlation Between 17298CHT8 and Southern BancShares

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both 17298CHT8 and Southern BancShares 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 17298CHT8 and Southern BancShares into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between US17298CHT80 and Southern BancShares PFD, you can compare the effects of market volatilities on 17298CHT8 and Southern BancShares 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 17298CHT8 with a short position of Southern BancShares. Check out your portfolio center. Please also check ongoing floating volatility patterns of 17298CHT8 and Southern BancShares.

Diversification Opportunities for 17298CHT8 and Southern BancShares

-0.21
  Correlation Coefficient

Very good diversification

The 3 months correlation between 17298CHT8 and Southern is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding US17298CHT80 and Southern BancShares PFD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern BancShares PFD and 17298CHT8 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 US17298CHT80 are associated (or correlated) with Southern BancShares. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern BancShares PFD has no effect on the direction of 17298CHT8 i.e., 17298CHT8 and Southern BancShares go up and down completely randomly.

Pair Corralation between 17298CHT8 and Southern BancShares

If you would invest  1,270  in Southern BancShares PFD on November 3, 2024 and sell it today you would earn a total of  0.00  from holding Southern BancShares PFD or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy27.27%
ValuesDaily Returns

US17298CHT80  vs.  Southern BancShares PFD

 Performance 
       Timeline  
US17298CHT80 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days US17298CHT80 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, 17298CHT8 is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
Southern BancShares PFD 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Southern BancShares PFD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy fundamental indicators, Southern BancShares is not utilizing all of its potentials. The recent stock price disarray, may contribute to short-term losses for the investors.

17298CHT8 and Southern BancShares Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with 17298CHT8 and Southern BancShares

The main advantage of trading using opposite 17298CHT8 and Southern BancShares positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 17298CHT8 position performs unexpectedly, Southern BancShares 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 Southern BancShares will offset losses from the drop in Southern BancShares' long position.
17298CHT8 vs. AEP TEX INC
17298CHT8 vs. US BANK NATIONAL
17298CHT8 vs. Reliance Global Group
17298CHT8 vs. Bayerische Motoren Werke
The idea behind US17298CHT80 and Southern BancShares PFD pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Southern BancShares vs. Grocery Outlet Holding
Southern BancShares vs. PennantPark Floating Rate
Southern BancShares vs. FS KKR Capital
Southern BancShares vs. Gladstone Investment
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.

Other Complementary Tools

Idea Analyzer
Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas
Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Sign In To Macroaxis
Sign in to explore Macroaxis' wealth optimization platform and fintech modules
Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY