Correlation Between Hanmi Financial and MASSACHUSETTS
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hanmi Financial and MASSACHUSETTS INST TECHNOLOGY, you can compare the effects of market volatilities on Hanmi Financial and MASSACHUSETTS 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 MASSACHUSETTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and MASSACHUSETTS.
Diversification Opportunities for Hanmi Financial and MASSACHUSETTS
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hanmi and MASSACHUSETTS is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and MASSACHUSETTS INST TECHNOLOGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MASSACHUSETTS INST 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 MASSACHUSETTS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MASSACHUSETTS INST has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and MASSACHUSETTS go up and down completely randomly.
Pair Corralation between Hanmi Financial and MASSACHUSETTS
Given the investment horizon of 90 days Hanmi Financial is expected to generate 1.66 times more return on investment than MASSACHUSETTS. However, Hanmi Financial is 1.66 times more volatile than MASSACHUSETTS INST TECHNOLOGY. It trades about 0.09 of its potential returns per unit of risk. MASSACHUSETTS INST TECHNOLOGY is currently generating about 0.0 per unit of risk. If you would invest 2,170 in Hanmi Financial on September 25, 2024 and sell it today you would earn a total of 189.00 from holding Hanmi Financial or generate 8.71% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 92.86% |
Values | Daily Returns |
Hanmi Financial vs. MASSACHUSETTS INST TECHNOLOGY
Performance |
Timeline |
Hanmi Financial |
MASSACHUSETTS INST |
Hanmi Financial and MASSACHUSETTS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and MASSACHUSETTS
The main advantage of trading using opposite Hanmi Financial and MASSACHUSETTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, MASSACHUSETTS 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 MASSACHUSETTS will offset losses from the drop in MASSACHUSETTS's long position.Hanmi Financial vs. OP Bancorp | Hanmi Financial vs. PCB Bancorp | Hanmi Financial vs. Heritage Commerce Corp | Hanmi Financial vs. Riverview Bancorp |
MASSACHUSETTS vs. SEI Investments | MASSACHUSETTS vs. Cedar Realty Trust | MASSACHUSETTS vs. Tyson Foods | MASSACHUSETTS vs. Summit Hotel Properties |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
Commodity Directory Find actively traded commodities issued by global exchanges | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |