Provident Financial Correlations

PFS Stock

USD 16.71 0.34 2.08%

The current 90-days correlation between Provident Financial and ConnectOne Bancorp is 0.84 (i.e., Very poor diversification). The correlation of Provident Financial 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Provident Financial Correlation With Market

Poor diversification

The correlation between Provident Financial Services and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Provident Financial Services and DJI in the same portfolio, assuming nothing else is changed.

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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Provident Financial Services. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with Provident Stock

0.97	AX	Axos Financial	Pair Corr
0.98	BY	Byline Bancorp	Pair Corr
0.72	NU	Nu Holdings Aggressive Push	Pair Corr
0.96	PB	Prosperity Bancshares	Pair Corr
0.97	RF	Regions Financial	Pair Corr
0.87	VBNK	VersaBank	Pair Corr
0.95	VBTX	Veritex Holdings	Pair Corr
0.86	TFC-PI	Truist Financial Normal Trading	Pair Corr
0.83	TFC-PO	Truist Financial	Pair Corr
0.82	TFC-PR	Truist Financial	Pair Corr
0.93	EBTC	Enterprise Bancorp	Pair Corr
0.83	CFG-PE	Citizens Financial	Pair Corr
0.78	CFG-PH	Citizens Financial Group,	Pair Corr
0.92	EFSC	Enterprise Financial	Pair Corr
0.75	EFSI	Eagle Financial Services	Pair Corr
0.88	EGBN	Eagle Bancorp	Pair Corr
0.68	KEY-PJ	KeyCorp	Pair Corr
0.74	KEY-PK	KeyCorp	Pair Corr
0.68	KEY-PL	KeyCorp	Pair Corr
0.78	WABC	Westamerica Bancorporation	Pair Corr
0.87	WAFD	Washington Federal	Pair Corr
0.92	WASH	Washington Trust Bancorp	Pair Corr
0.73	BANC-PF	Banc of California	Pair Corr
0.95	EQBK	Equity Bancshares,	Pair Corr
0.75	WAFDP	Washington Federal	Pair Corr
0.93	ESSA	ESSA Bancorp	Pair Corr
0.88	TFINP	Triumph Financial	Pair Corr
0.95	EVBN	Evans Bancorp	Pair Corr
0.97	EWBC	East West Bancorp	Pair Corr
0.83	WMPN	William Penn Bancorp	Pair Corr
0.77	WNEB	Western New England	Pair Corr

Moving against Provident Stock

0.64	VBFC	Village Bank	Pair Corr
0.59	ECBK	ECB Bancorp	Pair Corr
0.57	TECTP	Tectonic Financial	Pair Corr
0.73	OCFCP	OceanFirst Financial Corp	Pair Corr
0.64	FCAP	First Capital	Pair Corr

Related Correlations Analysis

	FMBH	CNOB	FNWD	CFB	SASR	NRIM	CTBI	FIBK	LNKB	CBAN
FMBH		0.88	-0.83	0.18	0.76	0.78	0.98	0.92	0.88	0.94	FMBH
CNOB	0.88		-0.75	0.29	0.56	0.86	0.92	0.9	0.9	0.93	CNOB
FNWD	-0.83	-0.75		-0.38	-0.66	-0.66	-0.8	-0.74	-0.77	-0.73	FNWD
CFB	0.18	0.29	-0.38		-0.19	0.54	0.19	0.36	0.15	0.17	CFB
SASR	0.76	0.56	-0.66	-0.19		0.32	0.7	0.65	0.58	0.7	SASR
NRIM	0.78	0.86	-0.66	0.54	0.32		0.8	0.88	0.76	0.79	NRIM
CTBI	0.98	0.92	-0.8	0.19	0.7	0.8		0.92	0.88	0.95	CTBI
FIBK	0.92	0.9	-0.74	0.36	0.65	0.88	0.92		0.82	0.95	FIBK
LNKB	0.88	0.9	-0.77	0.15	0.58	0.76	0.88	0.82		0.9	LNKB
CBAN	0.94	0.93	-0.73	0.17	0.7	0.79	0.95	0.95	0.9		CBAN
	FMBH	CNOB	FNWD	CFB	SASR	NRIM	CTBI	FIBK	LNKB	CBAN

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CTBI	+ 0.98	FMBH
CBAN	+ 0.95	CTBI
CBAN	+ 0.95	FIBK
CBAN	+ 0.94	FMBH
CBAN	+ 0.93	CNOB
FIBK	+ 0.92	FMBH

High negative correlations

FNWD	- 0.83	FMBH
CTBI	- 0.8	FNWD
LNKB	- 0.77	FNWD
FNWD	- 0.75	CNOB
FIBK	- 0.74	FNWD
CBAN	- 0.73	FNWD

Risk-Adjusted Indicators

There is a big difference between Provident Stock performing well and Provident Financial 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 Provident Financial'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
FMBH	1.32	(0.13)	0.00	(2.63)	0.00	0.00	2.77	(2.80)	11.42
CNOB	1.67	0.07	0.00	(0.07)	0.00	0.00	3.50	(3.37)	14.96
FNWD	0.79	0.23	0.41	0.98	0.51	(0.93)	1.88	(1.41)	6.75
CFB	1.41	(0.13)	0.00	20.12	0.00	0.00	2.78	(2.78)	8.40
SASR	1.34	(0.29)	0.00	2.52	0.00	0.00	2.78	(3.04)	10.75
NRIM	1.60	0.08	0.00	(0.04)	0.00	0.00	2.77	(4.31)	11.80
CTBI	1.23	(0.09)	0.00	(1.05)	0.00	0.00	2.32	(3.11)	9.82
FIBK	1.75	(0.15)	0.00	(0.27)	0.00	0.00	3.19	(5.03)	14.74
LNKB	1.87	0.14	0.07	0.02	2.23	(2.08)	4.50	(3.58)	12.08
CBAN	1.26	(0.02)	0.00	(0.17)	0.00	0.00	3.26	(2.72)	11.98

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