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Correlation Between FSB Bancorp and DOW

Analyzing existing cross correlation between FSB Bancorp and DOW. You can compare the effects of market volatilities on FSB Bancorp and DOW 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 FSB Bancorp with a short position of DOW. Check out your portfolio center. Please also check ongoing floating volatility patterns of FSB Bancorp and DOW.

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Diversification Opportunities for FSB Bancorp and DOW

FSB Bancorp Inc diversification synergy
0.95
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DOW

Almost no diversification

The 3 months correlation between FSB Bancorp and DOW is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding FSB Bancorp Inc and DOW in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DOW and FSB 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 FSB Bancorp are associated (or correlated) with DOW. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOW has no effect on the direction of FSB Bancorp i.e. FSB Bancorp and DOW go up and down completely randomly.
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Pair Corralation between FSB Bancorp and DOW

Given the investment horizon of 30 days, FSB Bancorp is expected to under-perform the DOW. But the stock apears to be less risky and, when comparing its historical volatility, FSB Bancorp is 1.58 times less risky than DOW. The stock trades about -0.17 of its potential returns per unit of risk. The DOW is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest  2,870,338  in DOW on March 5, 2020 and sell it today you would lose (765,085)  from holding DOW or give up 26.65% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy92.19%
ValuesDaily Returns

FSB Bancorp Inc  vs.  DOW

 Performance (%) 
    
  Timeline 
 Predicted Return Density 
    
  Returns 
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