Correlation Between Hanmi Financial and 63253QAB0
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By analyzing existing cross correlation between Hanmi Financial and NAB 4944 12 JAN 28, you can compare the effects of market volatilities on Hanmi Financial and 63253QAB0 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 63253QAB0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and 63253QAB0.
Diversification Opportunities for Hanmi Financial and 63253QAB0
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hanmi and 63253QAB0 is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and NAB 4944 12 JAN 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAB 4944 12 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 63253QAB0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAB 4944 12 has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and 63253QAB0 go up and down completely randomly.
Pair Corralation between Hanmi Financial and 63253QAB0
Given the investment horizon of 90 days Hanmi Financial is expected to generate 2.94 times more return on investment than 63253QAB0. However, Hanmi Financial is 2.94 times more volatile than NAB 4944 12 JAN 28. It trades about 0.16 of its potential returns per unit of risk. NAB 4944 12 JAN 28 is currently generating about -0.02 per unit of risk. If you would invest 1,816 in Hanmi Financial on September 25, 2024 and sell it today you would earn a total of 548.00 from holding Hanmi Financial or generate 30.18% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 61.9% |
Values | Daily Returns |
Hanmi Financial vs. NAB 4944 12 JAN 28
Performance |
Timeline |
Hanmi Financial |
NAB 4944 12 |
Hanmi Financial and 63253QAB0 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and 63253QAB0
The main advantage of trading using opposite Hanmi Financial and 63253QAB0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, 63253QAB0 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 63253QAB0 will offset losses from the drop in 63253QAB0'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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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