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Correlation Between East West and Canadian Imperial

Analyzing existing cross correlation between East West Bancorp and Canadian Imperial Bank Of Comme. You can compare the effects of market volatilities on East West and Canadian Imperial 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 East West with a short position of Canadian Imperial. Check out your portfolio center. Please also check ongoing floating volatility patterns of East West and Canadian Imperial.

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Diversification Opportunities for East West and Canadian Imperial

East West Bancorp Inc diversification synergy
-0.57
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<div class='circular--portrait-small' style='background:#000000;color: white;font-size:1.6em;padding-top: 6px;;'>CA</div>

Excellent diversification

The 3 months correlation between East and Canadian is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding East West Bancorp Inc and Canadian Imperial Bank Of Comm in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Canadian Imperial Bank and East West 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 East West Bancorp are associated (or correlated) with Canadian Imperial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian Imperial Bank has no effect on the direction of East West i.e. East West and Canadian Imperial go up and down completely randomly.

Pair Corralation between East West and Canadian Imperial

Given the investment horizon of 30 days, East West Bancorp is expected to generate 2.3 times more return on investment than Canadian Imperial. However, East West is 2.3 times more volatile than Canadian Imperial Bank Of Comme. It trades about 0.07 of its potential returns per unit of risk. Canadian Imperial Bank Of Comme is currently generating about -0.1 per unit of risk. If you would invest  4,503  in East West Bancorp on January 21, 2020 and sell it today you would earn a total of  336.00  from holding East West Bancorp or generate 7.46% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

East West Bancorp Inc  vs.  Canadian Imperial Bank Of Comm

 Performance (%) 
    
  Timeline 
East West Bancorp 
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in East West Bancorp are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat sluggish basic indicators, East West may actually be approaching a critical reversion point that can send shares even higher in March 2020.
Canadian Imperial Bank 
00

Risk-Adjusted Performance

Over the last 30 days Canadian Imperial Bank Of Comme has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Canadian Imperial is not utilizing all of its potentials. The existing stock price chaos, may contribute to medium term losses for the stakeholders.

East West and Canadian Imperial Volatility Contrast

 Predicted Return Density 
    
  Returns 
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