Correlation Analysis Between Dime Community and Axos Financial

This module allows you to analyze existing cross correlation between Dime Community Bancshares and Axos Financial. You can compare the effects of market volatilities on Dime Community and Axos Financial 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 Dime Community with a short position of Axos Financial. See also your portfolio center. Please also check ongoing floating volatility patterns of Dime Community and Axos Financial.
Horizon     30 Days    Login   to change
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Comparative Performance

Dime Community Bancs  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Dime Community Bancshares are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Dime Community revealed solid returns over the last few months and may actually be approaching a breakup point.
Axos Financial  
00

Risk-Adjusted Performance

Over the last 30 days Axos Financial has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, Axos Financial is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

Dime Community and Axos Financial Volatility Contrast

 Predicted Return Density 
      Returns 

Dime Community Bancshares Inc  vs.  Axos Financial Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Dime Community Bancshares is expected to generate 0.8 times more return on investment than Axos Financial. However, Dime Community Bancshares is 1.25 times less risky than Axos Financial. It trades about 0.12 of its potential returns per unit of risk. Axos Financial is currently generating about -0.02 per unit of risk. If you would invest  1,821  in Dime Community Bancshares on July 25, 2019 and sell it today you would earn a total of  163.00  from holding Dime Community Bancshares or generate 8.95% return on investment over 30 days.

Pair Corralation between Dime Community and Axos Financial

-0.56
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy77.19%
ValuesDaily Returns

Diversification Opportunities for Dime Community and Axos Financial

Dime Community Bancshares Inc diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Dime Community Bancshares Inc and Axos Financial Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Axos Financial and Dime Community 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 Dime Community Bancshares are associated (or correlated) with Axos Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axos Financial has no effect on the direction of Dime Community i.e. Dime Community and Axos Financial go up and down completely randomly.
See also your portfolio center. Please also try Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. drill down to check world indexes.


 
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