Bank of America Correlations

BAC Stock

USD 52.58 0.29 0.55%

The current 90-days correlation between Bank of America and Toronto Dominion Bank is 0.39 (i.e., Weak diversification). The correlation of Bank of America is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Bank of America Correlation With Market

Very weak diversification

The correlation between Bank of America and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bank Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bank of America. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade Bank Stock refer to our How to Trade Bank Stock guide.

Moving together with Bank Stock

0.87	CM	Canadian Imperial Bank	Pair Corr
0.93	NU	Nu Holdings Aggressive Push	Pair Corr
0.91	RY	Royal Bank	Pair Corr
0.79	TD	Toronto Dominion Bank	Pair Corr
0.86	BMO	Bank of Montreal	Pair Corr
0.9	BNS	Bank of Nova Scotia	Pair Corr
0.78	JPM	JPMorgan Chase	Pair Corr
0.88	WFC	Wells Fargo	Pair Corr
0.75	HSBC	HSBC Holdings PLC Normal Trading	Pair Corr
0.66	NDEKY	Nitto Denko Corp	Pair Corr
0.79	CABHF	Carlsberg AS	Pair Corr
0.66	USGO	US GoldMining Common	Pair Corr
0.64	BMXC	Bemax Inc	Pair Corr
0.76	RAPP	Rapport Therapeutics, Earnings Call This Week	Pair Corr
0.89	FSTR	LB Foster	Pair Corr
0.66	HLIO	Helios Technologies	Pair Corr
0.69	PDS	Precision Drilling	Pair Corr
0.68	SNOW	Snowflake	Pair Corr
0.78	BHLL	Bunker Hill Mining Earnings Call This Week	Pair Corr
0.83	CMUV	CMUV Bancorp	Pair Corr
0.75	WAY	Waystar Holding Corp Earnings Call This Week	Pair Corr
0.82	PZG	Paramount Gold Nevada Earnings Call This Week	Pair Corr
0.81	TCEHY	Tencent Holdings	Pair Corr
0.74	ALLY	Ally Financial	Pair Corr

Moving against Bank Stock

0.44	NFPDF	Nissin Foods Holdings	Pair Corr
0.31	FMCB	Farmers Merchants Bancorp	Pair Corr

Related Correlations Analysis

	TD	NU	RY	BMO	UBS
TD		0.77	0.8	0.81	0.18	TD
NU	0.77		0.94	0.93	0.56	NU
RY	0.8	0.94		0.93	0.52	RY
BMO	0.81	0.93	0.93		0.56	BMO
UBS	0.18	0.56	0.52	0.56		UBS
	TD	NU	RY	BMO	UBS

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of America Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bank of America's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TD	0.76	0.10	0.06	0.23	0.99	(0.80)	1.74	(1.14)	6.32
NU	1.38	0.28	0.15	0.36	1.51	(1.50)	3.26	(2.96)	14.20
RY	0.58	0.13	0.15	0.30	0.31	(0.66)	1.07	(1.00)	6.62
BMO	0.69	0.12	0.09	0.30	0.61	(0.76)	1.53	(1.13)	7.72
UBS	1.03	(0.08)	(0.07)	0.01	1.19	(1.12)	1.97	(2.09)	4.89

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