Correlation Between WVS Financial and Bank of Utica
Can any of the company-specific risk be diversified away by investing in both WVS Financial and Bank of Utica at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining WVS Financial and Bank of Utica into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WVS Financial Corp and Bank of Utica, you can compare the effects of market volatilities on WVS Financial and Bank of Utica 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 WVS Financial with a short position of Bank of Utica. Check out your portfolio center. Please also check ongoing floating volatility patterns of WVS Financial and Bank of Utica.
Diversification Opportunities for WVS Financial and Bank of Utica
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between WVS and Bank is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding WVS Financial Corp and Bank of Utica in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Utica and WVS Financial 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 WVS Financial Corp are associated (or correlated) with Bank of Utica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Utica has no effect on the direction of WVS Financial i.e., WVS Financial and Bank of Utica go up and down completely randomly.
Pair Corralation between WVS Financial and Bank of Utica
If you would invest 45,000 in Bank of Utica on August 29, 2024 and sell it today you would earn a total of 3,800 from holding Bank of Utica or generate 8.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
WVS Financial Corp vs. Bank of Utica
Performance |
| Timeline |
| WVS Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bank of Utica |
WVS Financial and Bank of Utica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WVS Financial and Bank of Utica
The main advantage of trading using opposite WVS Financial and Bank of Utica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WVS Financial position performs unexpectedly, Bank of Utica 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 Bank of Utica will offset losses from the drop in Bank of Utica's long position.| WVS Financial vs. Pioneer Bankcorp | WVS Financial vs. Liberty Northwest Bancorp | WVS Financial vs. First Community | WVS Financial vs. Coeur dAlene Bancorp |
| Bank of Utica vs. CCSB Financial Corp | Bank of Utica vs. First Community Financial | Bank of Utica vs. BEO Bancorp | Bank of Utica vs. First Community |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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