Correlation Between 63743HFG2 and Freedom Bank
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By analyzing existing cross correlation between NRUC 48 15 MAR 28 and Freedom Bank of, you can compare the effects of market volatilities on 63743HFG2 and Freedom Bank 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 63743HFG2 with a short position of Freedom Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of 63743HFG2 and Freedom Bank.
Diversification Opportunities for 63743HFG2 and Freedom Bank
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 63743HFG2 and Freedom is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding NRUC 48 15 MAR 28 and Freedom Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Freedom Bank and 63743HFG2 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 NRUC 48 15 MAR 28 are associated (or correlated) with Freedom Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Freedom Bank has no effect on the direction of 63743HFG2 i.e., 63743HFG2 and Freedom Bank go up and down completely randomly.
Pair Corralation between 63743HFG2 and Freedom Bank
Assuming the 90 days trading horizon 63743HFG2 is expected to generate 1.18 times less return on investment than Freedom Bank. But when comparing it to its historical volatility, NRUC 48 15 MAR 28 is 3.1 times less risky than Freedom Bank. It trades about 0.2 of its potential returns per unit of risk. Freedom Bank of is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,050 in Freedom Bank of on September 1, 2024 and sell it today you would earn a total of 11.00 from holding Freedom Bank of or generate 1.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
NRUC 48 15 MAR 28 vs. Freedom Bank of
Performance |
| Timeline |
| NRUC 48 15 |
| Freedom Bank |
63743HFG2 and Freedom Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 63743HFG2 and Freedom Bank
The main advantage of trading using opposite 63743HFG2 and Freedom Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 63743HFG2 position performs unexpectedly, Freedom Bank 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 Freedom Bank will offset losses from the drop in Freedom Bank's long position.| 63743HFG2 vs. Freedom Bank of | 63743HFG2 vs. PennantPark Floating Rate | 63743HFG2 vs. Univest Pennsylvania | 63743HFG2 vs. KeyCorp |
| Freedom Bank vs. HUMANA INC | Freedom Bank vs. SCOR PK | Freedom Bank vs. Aquagold International | Freedom Bank vs. Thrivent High Yield |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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