Correlation Between Horizon Bancorp and US Bancorp
Can any of the company-specific risk be diversified away by investing in both Horizon Bancorp and US Bancorp 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 Horizon Bancorp and US Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Horizon Bancorp and US Bancorp, you can compare the effects of market volatilities on Horizon Bancorp and US 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 Horizon Bancorp with a short position of US Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Horizon Bancorp and US Bancorp.
Diversification Opportunities for Horizon Bancorp and US Bancorp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Horizon and USB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Bancorp and US Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US Bancorp and Horizon 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 Horizon Bancorp are associated (or correlated) with US Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US Bancorp has no effect on the direction of Horizon Bancorp i.e., Horizon Bancorp and US Bancorp go up and down completely randomly.
Pair Corralation between Horizon Bancorp and US Bancorp
If you would invest (100.00) in Horizon Bancorp on January 26, 2024 and sell it today you would earn a total of 100.00 from holding Horizon Bancorp or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Horizon Bancorp vs. US Bancorp
Performance |
Timeline |
Horizon Bancorp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
US Bancorp |
Horizon Bancorp and US Bancorp Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Horizon Bancorp and US Bancorp
The main advantage of trading using opposite Horizon Bancorp and US Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Horizon Bancorp position performs unexpectedly, US Bancorp 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 US Bancorp will offset losses from the drop in US Bancorp's long position.Horizon Bancorp vs. US Silica Holdings | Horizon Bancorp vs. Forsys Metals Corp | Horizon Bancorp vs. Stereo Vision Entertainment | Horizon Bancorp vs. Eldorado Gold Corp |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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