Correlation Analysis Between Fifth Third and Byline Bancorp

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

Fifth Third Bancorp  
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Risk-Adjusted Performance

Over the last 30 days Fifth Third Bancorp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Fifth Third is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Byline Bancorp  
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Risk-Adjusted Performance

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

Fifth Third and Byline Bancorp Volatility Contrast

 Predicted Return Density 
      Returns 

Fifth Third Bancorp  vs.  Byline Bancorp Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Fifth Third Bancorp is expected to under-perform the Byline Bancorp. In addition to that, Fifth Third is 1.23 times more volatile than Byline Bancorp. It trades about -0.03 of its total potential returns per unit of risk. Byline Bancorp is currently generating about -0.03 per unit of volatility. If you would invest  1,877  in Byline Bancorp on September 22, 2019 and sell it today you would lose (73.00)  from holding Byline Bancorp or give up 3.89% of portfolio value over 30 days.

Pair Corralation between Fifth Third and Byline Bancorp

0.87
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Fifth Third and Byline Bancorp

Fifth Third Bancorp diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Fifth Third Bancorp and Byline Bancorp Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Byline Bancorp and Fifth Third 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 Fifth Third Bancorp are associated (or correlated) with Byline Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Byline Bancorp has no effect on the direction of Fifth Third i.e. Fifth Third and Byline Bancorp go up and down completely randomly.
See also your portfolio center. Please also try Insider Screener module to find insiders across different sectors to evaluate their impact on performance.


 
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