Correlation Between Yadkin Financial and Bank of New York
Can any of the company-specific risk be diversified away by investing in both Yadkin Financial and Bank of New York 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 Yadkin Financial and Bank of New York into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yadkin Financial Corp and Bank of New, you can compare the effects of market volatilities on Yadkin Financial and Bank of New York 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 Yadkin Financial with a short position of Bank of New York. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yadkin Financial and Bank of New York.
Diversification Opportunities for Yadkin Financial and Bank of New York
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yadkin and Bank is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yadkin Financial Corp and Bank of New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of New York and Yadkin 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 Yadkin Financial Corp are associated (or correlated) with Bank of New York. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of New York has no effect on the direction of Yadkin Financial i.e., Yadkin Financial and Bank of New York go up and down completely randomly.
Pair Corralation between Yadkin Financial and Bank of New York
If you would invest 5,661 in Bank of New on February 7, 2024 and sell it today you would earn a total of 87.00 from holding Bank of New or generate 1.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Yadkin Financial Corp vs. Bank of New
Performance |
Timeline |
Yadkin Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank of New York |
Yadkin Financial and Bank of New York Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yadkin Financial and Bank of New York
The main advantage of trading using opposite Yadkin Financial and Bank of New York positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yadkin Financial position performs unexpectedly, Bank of New York 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 Bank of New York will offset losses from the drop in Bank of New York's long position.Yadkin Financial vs. Dream Finders HomesInc | Yadkin Financial vs. Emerson Electric | Yadkin Financial vs. Daily Journal Corp | Yadkin Financial vs. Acco Brands |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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