Correlation Between 970648AK7 and BCB Bancorp
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By analyzing existing cross correlation between WTW 3875 15 SEP 49 and BCB Bancorp, you can compare the effects of market volatilities on 970648AK7 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 970648AK7 with a short position of BCB Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of 970648AK7 and BCB Bancorp.
Diversification Opportunities for 970648AK7 and BCB Bancorp
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 970648AK7 and BCB is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding WTW 3875 15 SEP 49 and BCB Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BCB Bancorp and 970648AK7 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 WTW 3875 15 SEP 49 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 970648AK7 i.e., 970648AK7 and BCB Bancorp go up and down completely randomly.
Pair Corralation between 970648AK7 and BCB Bancorp
Assuming the 90 days trading horizon WTW 3875 15 SEP 49 is expected to generate 0.86 times more return on investment than BCB Bancorp. However, WTW 3875 15 SEP 49 is 1.16 times less risky than BCB Bancorp. It trades about 0.02 of its potential returns per unit of risk. BCB Bancorp is currently generating about -0.24 per unit of risk. If you would invest 7,513 in WTW 3875 15 SEP 49 on September 13, 2024 and sell it today you would earn a total of 16.00 from holding WTW 3875 15 SEP 49 or generate 0.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 63.64% |
| Values | Daily Returns |
WTW 3875 15 SEP 49 vs. BCB Bancorp
Performance |
| Timeline |
| WTW 3875 15 |
| BCB Bancorp |
970648AK7 and BCB Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 970648AK7 and BCB Bancorp
The main advantage of trading using opposite 970648AK7 and BCB Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 970648AK7 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.| 970648AK7 vs. Keurig Dr Pepper | 970648AK7 vs. Catalyst Pharmaceuticals | 970648AK7 vs. Turning Point Brands | 970648AK7 vs. Constellation Brands Class |
| 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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