Bank of America Correlations

BAC-PN Preferred Stock

USD 21.99 0.05 0.23%

The current 90-days correlation between Bank of America and Bank of America is 0.54 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bank of America moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bank of America moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bank of America Correlation With Market

Average diversification

The correlation between Bank of America and DJI is 0.15 (i.e., Average 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.

The ability to find closely correlated positions to Bank of America could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bank of America when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bank of America - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bank of America to buy it.

Moving together with Bank Preferred Stock

0.71	TD	Toronto Dominion Bank Earnings Call This Week	Pair Corr
0.76	ING	ING Group NV	Pair Corr
0.97	JPM-PK	JPMorgan Chase	Pair Corr
0.98	JPM-PJ	JPMorgan Chase	Pair Corr
0.96	JPM-PM	JPMorgan Chase	Pair Corr
0.98	JPM-PL	JPMorgan Chase	Pair Corr
0.91	BAC-PM	Bank of America	Pair Corr
0.66	BAC-PL	Bank of America	Pair Corr
0.97	BAC-PQ	Bank of America	Pair Corr
0.98	BAC-PO	Bank of America	Pair Corr
0.98	BAC-PP	Bank of America	Pair Corr
0.97	BAC-PS	Bank of America	Pair Corr
0.66	BBVA	Banco Bilbao Viscaya	Pair Corr

Moving against Bank Preferred Stock

0.75	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.72	WFC	Wells Fargo Sell-off Trend	Pair Corr
0.68	BAC	Bank of America Aggressive Push	Pair Corr
0.59	C	Citigroup Aggressive Push	Pair Corr
0.55	BCS	Barclays PLC ADR	Pair Corr
0.47	HSBC	HSBC Holdings PLC	Pair Corr
0.41	BK	Bank of New York Fiscal Year End 10th of January 2025	Pair Corr
0.33	CM	Canadian Imperial Bank Earnings Call This Week	Pair Corr
0.68	AX	Axos Financial	Pair Corr
0.67	L	Loews Corp	Pair Corr
0.65	MUFG	Mitsubishi UFJ Financial	Pair Corr
0.65	DIST	Distoken Acquisition	Pair Corr
0.64	SMFG	Sumitomo Mitsui Financial	Pair Corr
0.62	V	Visa Class A	Pair Corr
0.51	C-PN	Citigroup Capital XIII	Pair Corr
0.4	DHIL	Diamond Hill Investment	Pair Corr
0.38	AB	AllianceBernstein	Pair Corr
0.35	BN	Brookfield Corp	Pair Corr

Related Correlations Analysis

	BAC-PE	WFC-PY	BAC-PB	CICHF	BML-PL	IDCBF	BML-PJ	CMWAY	BML-PH	BAC-PS
BAC-PE		0.73	0.78	0.38	0.89	0.04	0.76	0.22	0.86	0.3	BAC-PE
WFC-PY	0.73		0.49	0.67	0.77	0.41	0.93	-0.1	0.74	0.38	WFC-PY
BAC-PB	0.78	0.49		0.19	0.8	0.08	0.56	0.53	0.73	-0.09	BAC-PB
CICHF	0.38	0.67	0.19		0.41	0.56	0.6	-0.19	0.45	0.09	CICHF
BML-PL	0.89	0.77	0.8	0.41		0.16	0.87	0.37	0.92	0.2	BML-PL
IDCBF	0.04	0.41	0.08	0.56	0.16		0.34	-0.04	0.17	-0.36	IDCBF
BML-PJ	0.76	0.93	0.56	0.6	0.87	0.34		0.06	0.85	0.35	BML-PJ
CMWAY	0.22	-0.1	0.53	-0.19	0.37	-0.04	0.06		0.35	-0.42	CMWAY
BML-PH	0.86	0.74	0.73	0.45	0.92	0.17	0.85	0.35		0.23	BML-PH
BAC-PS	0.3	0.38	-0.09	0.09	0.2	-0.36	0.35	-0.42	0.23		BAC-PS
	BAC-PE	WFC-PY	BAC-PB	CICHF	BML-PL	IDCBF	BML-PJ	CMWAY	BML-PH	BAC-PS

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

BML-PJ	+ 0.93	WFC-PY
BML-PH	+ 0.92	BML-PL
BML-PL	+ 0.89	BAC-PE
BML-PJ	+ 0.87	BML-PL
BML-PH	+ 0.86	BAC-PE
BML-PH	+ 0.85	BML-PJ

High negative correlations

BAC-PS	- 0.42	CMWAY
BAC-PS	- 0.36	IDCBF
CMWAY	- 0.19	CICHF
CMWAY	- 0.1	WFC-PY
BAC-PS	- 0.09	BAC-PB
CMWAY	- 0.04	IDCBF

Risk-Adjusted Indicators

There is a big difference between Bank Preferred 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
BAC-PE	0.38	0.02	(0.16)	(3.70)	0.52	(0.38)	0.71	(0.83)	2.60
WFC-PY	0.31	0.04	(0.21)	(15.77)	0.28	(0.37)	0.71	(0.60)	1.97
BAC-PB	0.23	0.01	(0.32)	1.63	0.28	(0.24)	0.48	(0.40)	1.76
CICHF	1.73	0.07	(0.01)	(0.19)	2.65	(3.62)	5.63	(5.00)	20.13
BML-PL	0.44	0.12	0.00	4.67	0.32	(0.48)	0.89	(0.79)	2.91
IDCBF	0.98	0.07	0.00	0.29	0.00	0.00	3.51	(3.23)	17.20
BML-PJ	0.40	0.07	(0.10)	9.99	0.35	(0.44)	0.85	(0.84)	2.24
CMWAY	0.90	0.15	0.04	1.00	0.83	(0.92)	2.12	(1.55)	4.85
BML-PH	0.50	0.07	(0.08)	(1.11)	0.66	(0.51)	0.97	(0.80)	3.42
BAC-PS	0.63	(0.01)	(0.13)	(0.05)	0.84	(0.63)	1.04	(1.51)	4.10

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bank of America without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Theme Ratings Now

Theme Ratings

Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance

All Next

Launch Module

Bank of America Corporate Management

Rudolf Bless	Chief Officer	Profile
Aditya Bhasin	Chief Officer	Profile
Brian Moynihan	Chairman CEO	Profile
Paul Donofrio	Vice Chairman	Profile
Alastair Borthwick	Chief Officer	Profile
Darrin Boland	Chief Officer	Profile
James DeMare	Ex Markets	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC