Correlation Between Axos Financial and Bancorp Of
Can any of the company-specific risk be diversified away by investing in both Axos Financial and Bancorp Of 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 Axos Financial and Bancorp Of into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Axos Financial and Bancorp Of New, you can compare the effects of market volatilities on Axos Financial and Bancorp Of 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 Axos Financial with a short position of Bancorp Of. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axos Financial and Bancorp Of.
Diversification Opportunities for Axos Financial and Bancorp Of
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Axos and Bancorp is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Axos Financial and Bancorp Of New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bancorp Of New and Axos Financial 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 Axos Financial are associated (or correlated) with Bancorp Of. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bancorp Of New has no effect on the direction of Axos Financial i.e., Axos Financial and Bancorp Of go up and down completely randomly.
Pair Corralation between Axos Financial and Bancorp Of
If you would invest 5,233 in Axos Financial on January 25, 2024 and sell it today you would earn a total of 49.00 from holding Axos Financial or generate 0.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Axos Financial vs. Bancorp Of New
Performance |
| Timeline |
| Axos Financial |
| Bancorp Of New |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Axos Financial and Bancorp Of Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axos Financial and Bancorp Of
The main advantage of trading using opposite Axos Financial and Bancorp Of positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axos Financial position performs unexpectedly, Bancorp Of 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 Bancorp Of will offset losses from the drop in Bancorp Of's long position.| Axos Financial vs. National Bank Holdings | Axos Financial vs. Community West Bancshares | Axos Financial vs. First Capital | Axos Financial vs. Home Bancorp |
| Bancorp Of vs. Pearson PLC ADR | Bancorp Of vs. Sunlands Technology Group | Bancorp Of vs. Old Republic International | Bancorp Of vs. SEI Investments |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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