Correlation Between Hanmi Financial and MACYS
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By analyzing existing cross correlation between Hanmi Financial and MACYS RETAIL HLDGS, you can compare the effects of market volatilities on Hanmi Financial and MACYS 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 Hanmi Financial with a short position of MACYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and MACYS.
Diversification Opportunities for Hanmi Financial and MACYS
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hanmi and MACYS is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and MACYS RETAIL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MACYS RETAIL HLDGS and Hanmi 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 Hanmi Financial are associated (or correlated) with MACYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MACYS RETAIL HLDGS has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and MACYS go up and down completely randomly.
Pair Corralation between Hanmi Financial and MACYS
Given the investment horizon of 90 days Hanmi Financial is expected to generate 1.64 times more return on investment than MACYS. However, Hanmi Financial is 1.64 times more volatile than MACYS RETAIL HLDGS. It trades about 0.02 of its potential returns per unit of risk. MACYS RETAIL HLDGS is currently generating about 0.01 per unit of risk. If you would invest 2,196 in Hanmi Financial on September 24, 2024 and sell it today you would earn a total of 149.00 from holding Hanmi Financial or generate 6.79% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 94.78% |
Values | Daily Returns |
Hanmi Financial vs. MACYS RETAIL HLDGS
Performance |
Timeline |
Hanmi Financial |
MACYS RETAIL HLDGS |
Hanmi Financial and MACYS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and MACYS
The main advantage of trading using opposite Hanmi Financial and MACYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, MACYS 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 MACYS will offset losses from the drop in MACYS's long position.Hanmi Financial vs. OP Bancorp | Hanmi Financial vs. PCB Bancorp | Hanmi Financial vs. Heritage Commerce Corp | Hanmi Financial vs. Riverview Bancorp |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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