Correlation Between 90331HPL1 and German American
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By analyzing existing cross correlation between US BANK NATIONAL and German American Bancorp, you can compare the effects of market volatilities on 90331HPL1 and German American 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 90331HPL1 with a short position of German American. Check out your portfolio center. Please also check ongoing floating volatility patterns of 90331HPL1 and German American.
Diversification Opportunities for 90331HPL1 and German American
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 90331HPL1 and German is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding US BANK NATIONAL and German American Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on German American Bancorp and 90331HPL1 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 US BANK NATIONAL are associated (or correlated) with German American. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of German American Bancorp has no effect on the direction of 90331HPL1 i.e., 90331HPL1 and German American go up and down completely randomly.
Pair Corralation between 90331HPL1 and German American
Assuming the 90 days trading horizon US BANK NATIONAL is expected to under-perform the German American. But the bond apears to be less risky and, when comparing its historical volatility, US BANK NATIONAL is 3.35 times less risky than German American. The bond trades about -0.05 of its potential returns per unit of risk. The German American Bancorp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 3,163 in German American Bancorp on September 1, 2024 and sell it today you would earn a total of 1,335 from holding German American Bancorp or generate 42.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 61.11% |
| Values | Daily Returns |
US BANK NATIONAL vs. German American Bancorp
Performance |
| Timeline |
| US BANK NATIONAL |
| German American Bancorp |
90331HPL1 and German American Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 90331HPL1 and German American
The main advantage of trading using opposite 90331HPL1 and German American positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 90331HPL1 position performs unexpectedly, German American 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 German American will offset losses from the drop in German American's long position.| 90331HPL1 vs. Centessa Pharmaceuticals PLC | 90331HPL1 vs. Catalyst Pharmaceuticals | 90331HPL1 vs. Acumen Pharmaceuticals | 90331HPL1 vs. Inhibrx |
| German American vs. Lakeland Financial | German American vs. Great Southern Bancorp | German American vs. First Merchants | German American vs. First Financial |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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