Correlation Analysis Between Enterprise Bancorp and Axos Financial

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

Enterprise Bancorp  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Enterprise Bancorp are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat inconsistent basic indicators, Enterprise Bancorp may actually be approaching a critical reversion point that can send shares even higher in November 2019.
Axos Financial  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Axos Financial are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Inspite fairly inconsistent basic indicators, Axos Financial may actually be approaching a critical reversion point that can send shares even higher in November 2019.

Enterprise Bancorp and Axos Financial Volatility Contrast

 Predicted Return Density 
      Returns 

Enterprise Bancorp Inc  vs.  Axos Financial Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Enterprise Bancorp is expected to generate 1.4 times less return on investment than Axos Financial. But when comparing it to its historical volatility, Enterprise Bancorp is 1.3 times less risky than Axos Financial. It trades about 0.06 of its potential returns per unit of risk. Axos Financial is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  2,715  in Axos Financial on September 23, 2019 and sell it today you would earn a total of  273.00  from holding Axos Financial or generate 10.06% return on investment over 30 days.

Pair Corralation between Enterprise Bancorp and Axos Financial

0.49
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Enterprise Bancorp and Axos Financial

Enterprise Bancorp Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Enterprise Bancorp 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 Enterprise Bancorp 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 Enterprise Bancorp 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 Enterprise Bancorp i.e. Enterprise Bancorp and Axos Financial go up and down completely randomly.
See also your portfolio center. Please also try Money Flow Index module to determine momentum by analyzing money flow index and other technical indicators.


 
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