Correlation Between PFIZER and BCB Bancorp
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By analyzing existing cross correlation between PFIZER INC and BCB Bancorp, you can compare the effects of market volatilities on PFIZER and BCB Bancorp 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 PFIZER with a short position of BCB Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of PFIZER and BCB Bancorp.
Diversification Opportunities for PFIZER and BCB Bancorp
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PFIZER and BCB is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding PFIZER INC and BCB Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BCB Bancorp and PFIZER 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 PFIZER INC are associated (or correlated) with BCB Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BCB Bancorp has no effect on the direction of PFIZER i.e., PFIZER and BCB Bancorp go up and down completely randomly.
Pair Corralation between PFIZER and BCB Bancorp
Assuming the 90 days trading horizon PFIZER INC is expected to under-perform the BCB Bancorp. But the bond apears to be less risky and, when comparing its historical volatility, PFIZER INC is 6.2 times less risky than BCB Bancorp. The bond trades about -0.01 of its potential returns per unit of risk. The BCB Bancorp is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,121 in BCB Bancorp on September 2, 2024 and sell it today you would earn a total of 206.00 from holding BCB Bancorp or generate 18.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.76% |
| Values | Daily Returns |
PFIZER INC vs. BCB Bancorp
Performance |
| Timeline |
| PFIZER INC |
| BCB Bancorp |
PFIZER and BCB Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PFIZER and BCB Bancorp
The main advantage of trading using opposite PFIZER and BCB Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PFIZER position performs unexpectedly, BCB Bancorp 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 BCB Bancorp will offset losses from the drop in BCB Bancorp's long position.| PFIZER vs. BCB Bancorp | PFIZER vs. Pearson PLC ADR | PFIZER vs. Western Union Co | PFIZER vs. Freedom Bank of |
| BCB Bancorp vs. Provident Financial Services | BCB Bancorp vs. First Mid Illinois | BCB Bancorp vs. ConnectOne Bancorp | BCB Bancorp vs. Finward 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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