Correlation Between KEYBANK and Dow Jones
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By analyzing existing cross correlation between KEYBANK NATL ASSN and Dow Jones Industrial, you can compare the effects of market volatilities on KEYBANK and Dow Jones 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 KEYBANK with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of KEYBANK and Dow Jones.
Diversification Opportunities for KEYBANK and Dow Jones
Good diversification
The 3 months correlation between KEYBANK and Dow is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding KEYBANK NATL ASSN and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and KEYBANK 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 KEYBANK NATL ASSN are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of KEYBANK i.e., KEYBANK and Dow Jones go up and down completely randomly.
Pair Corralation between KEYBANK and Dow Jones
Assuming the 90 days trading horizon KEYBANK NATL ASSN is expected to under-perform the Dow Jones. But the bond apears to be less risky and, when comparing its historical volatility, KEYBANK NATL ASSN is 1.46 times less risky than Dow Jones. The bond trades about -0.3 of its potential returns per unit of risk. The Dow Jones Industrial is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 4,223,305 in Dow Jones Industrial on August 30, 2024 and sell it today you would earn a total of 248,901 from holding Dow Jones Industrial or generate 5.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 39.13% |
| Values | Daily Returns |
KEYBANK NATL ASSN vs. Dow Jones Industrial
Performance |
| Timeline |
KEYBANK and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
KEYBANK NATL ASSN
Pair trading matchups for KEYBANK
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with KEYBANK and Dow Jones
The main advantage of trading using opposite KEYBANK and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KEYBANK position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| KEYBANK vs. AEP TEX INC | KEYBANK vs. US BANK NATIONAL | KEYBANK vs. Nasdaq Inc | KEYBANK vs. Vertiv Holdings Co |
| Dow Jones vs. Skillful Craftsman Education | Dow Jones vs. Acco Brands | Dow Jones vs. Cracker Barrel Old | Dow Jones vs. Coursera |
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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