Bank of America Correlations

BAC Stock  USD 42.19  0.22  0.52%   
The current 90-days correlation between Bank of America and Merck Company is -0.06 (i.e., Good diversification). The correlation of Bank of America is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Bank of America Correlation With Market

Poor diversification

The correlation between Bank of America and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bank of America. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.
For information on how to trade Bank Stock refer to our How to Trade Bank Stock guide.

Moving together with Bank Stock

  0.67C Citigroup Fiscal Year End 10th of January 2025 PairCorr
  0.74CM Canadian Imperial Bank Fiscal Year End 5th of December 2024 PairCorr
  0.88RY Royal Bank Sell-off TrendPairCorr
  0.77BML-PH Bank of AmericaPairCorr
  0.61BML-PJ Bank of AmericaPairCorr
  0.71BML-PL Bank of AmericaPairCorr
  0.82BCS Barclays PLC ADRPairCorr
  0.72ING ING Group NVPairCorr
  0.91JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.87JPM-PK JPMorgan ChasePairCorr
  0.71JPM-PJ JPMorgan ChasePairCorr
  0.85JPM-PM JPMorgan ChasePairCorr
  0.84JPM-PL JPMorgan ChasePairCorr
  0.77JPM-PC JPMorgan ChasePairCorr
  0.77JPM-PD JPMorgan ChasePairCorr
  0.73NTB Bank of NTPairCorr
  0.79NWG Natwest Group PLCPairCorr
  0.65UBS UBS Group AGPairCorr
  0.74BAC-PB Bank of AmericaPairCorr
  0.81BAC-PM Bank of AmericaPairCorr
  0.89BAC-PN Bank of AmericaPairCorr
  0.89BAC-PK Bank of AmericaPairCorr
  0.94BAC-PL Bank of AmericaPairCorr
  0.82BAC-PQ Bank of AmericaPairCorr
  0.81BAC-PO Bank of AmericaPairCorr
  0.77BAC-PP Bank of AmericaPairCorr
  0.81BAC-PS Bank of AmericaPairCorr
  0.8MUFG Mitsubishi UFJ FinancialPairCorr
  0.9SMFG Sumitomo Mitsui FinancialPairCorr

Moving against Bank Stock

  0.46BMO Bank of Montreal Fiscal Year End 6th of December 2024 PairCorr
  0.41V Visa Class A Fiscal Year End 22nd of October 2024 PairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
TFFPFENY
AAEAT
GFFRDIB
GFFFENY
FENYRDIB
TFFPRDIB
  
High negative correlations   
EATTFFP
EATFENY
DRNKRDIB
DRNKGFF
EATRDIB
AAGFF

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of America Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bank of America's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.