Correlation Analysis Between B of A and Diamond Hill

This module allows you to analyze existing cross correlation between Bank Of America Corporation and Diamond Hill Investment Group. You can compare the effects of market volatilities on B of A and Diamond Hill 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 B of A with a short position of Diamond Hill. See also your portfolio center. Please also check ongoing floating volatility patterns of B of A and Diamond Hill.
Horizon     30 Days    Login   to change
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Comparative Performance

Bank Of America  
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bank Of America Corporation are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, B of A sustained solid returns over the last few months and may actually be approaching a breakup point.
Diamond Hill Investment  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Diamond Hill Investment Group are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Even with considerably steady technical indicators, Diamond Hill is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.

B of A and Diamond Hill Volatility Contrast

 Predicted Return Density 
      Returns 

Bank Of America Corp.  vs.  Diamond Hill Investment Group

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Bank Of America Corporation is expected to generate 0.86 times more return on investment than Diamond Hill. However, Bank Of America Corporation is 1.17 times less risky than Diamond Hill. It trades about 0.19 of its potential returns per unit of risk. Diamond Hill Investment Group is currently generating about 0.03 per unit of risk. If you would invest  2,946  in Bank Of America Corporation on November 10, 2019 and sell it today you would earn a total of  405.00  from holding Bank Of America Corporation or generate 13.75% return on investment over 30 days.

Pair Corralation between B of A and Diamond Hill

0.71
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for B of A and Diamond Hill

Bank Of America Corp. diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bank Of America Corp. and Diamond Hill Investment Group in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Diamond Hill Investment and B of A 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 Bank Of America Corporation are associated (or correlated) with Diamond Hill. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Diamond Hill Investment has no effect on the direction of B of A i.e. B of A and Diamond Hill go up and down completely randomly.
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