Correlation Analysis Between Byline Bancorp and Coastal Financial

Analyzing existing cross correlation between Byline Bancorp and Coastal Financial Corporation. You can compare the effects of market volatilities on Byline Bancorp and Coastal Financial 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 Byline Bancorp with a short position of Coastal Financial. See also your portfolio center. Please also check ongoing floating volatility patterns of Byline Bancorp and Coastal Financial.
Horizon     30 Days    Login   to change
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Comparative Performance

Byline Bancorp  
1616

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Byline Bancorp are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days. Inspite fairly abnormal basic indicators, Byline Bancorp showed solid returns over the last few months and may actually be approaching a breakup point.
Coastal Financial  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coastal Financial Corporation are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Coastal Financial may actually be approaching a critical reversion point that can send shares even higher in February 2020.

Byline Bancorp and Coastal Financial Volatility Contrast

 Predicted Return Density 
    
  Returns 

Byline Bancorp Inc  vs.  Coastal Financial Corp.

 Performance (%) 
    
  Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Byline Bancorp is expected to generate 0.61 times more return on investment than Coastal Financial. However, Byline Bancorp is 1.65 times less risky than Coastal Financial. It trades about 0.24 of its potential returns per unit of risk. Coastal Financial Corporation is currently generating about 0.08 per unit of risk. If you would invest  1,766  in Byline Bancorp on December 23, 2019 and sell it today you would earn a total of  274.00  from holding Byline Bancorp or generate 15.52% return on investment over 30 days.

Pair Corralation between Byline Bancorp and Coastal Financial

0.01
Time Period3 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy80.26%
ValuesDaily Returns

Diversification Opportunities for Byline Bancorp and Coastal Financial

Byline Bancorp Inc diversification synergy

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Byline Bancorp Inc and Coastal Financial Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coastal Financial and Byline 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 Byline Bancorp are associated (or correlated) with Coastal Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coastal Financial has no effect on the direction of Byline Bancorp i.e. Byline Bancorp and Coastal Financial go up and down completely randomly.
See also your portfolio center. Please also try Technical Analysis module to check basic technical indicators and analysis based on most latest market data.