Correlation Between PSB Holdings and Peoples United
Can any of the company-specific risk be diversified away by investing in both PSB Holdings and Peoples United 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 PSB Holdings and Peoples United into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PSB Holdings and Peoples United Financial, you can compare the effects of market volatilities on PSB Holdings and Peoples United 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 PSB Holdings with a short position of Peoples United. Check out your portfolio center. Please also check ongoing floating volatility patterns of PSB Holdings and Peoples United.
Diversification Opportunities for PSB Holdings and Peoples United
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PSB and Peoples is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PSB Holdings and Peoples United Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples United Financial and PSB Holdings 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 PSB Holdings are associated (or correlated) with Peoples United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples United Financial has no effect on the direction of PSB Holdings i.e., PSB Holdings and Peoples United go up and down completely randomly.
Pair Corralation between PSB Holdings and Peoples United
If you would invest (100.00) in Peoples United Financial on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Peoples United Financial or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PSB Holdings vs. Peoples United Financial
Performance |
| Timeline |
| PSB Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Peoples United Financial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PSB Holdings and Peoples United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PSB Holdings and Peoples United
The main advantage of trading using opposite PSB Holdings and Peoples United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PSB Holdings position performs unexpectedly, Peoples United 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 Peoples United will offset losses from the drop in Peoples United's long position.| PSB Holdings vs. SunLink Health Systems | PSB Holdings vs. Molecular Partners AG | PSB Holdings vs. Portillos | PSB Holdings vs. Wingstop |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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