Correlation Between Hanmi Financial and 694308KC0
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By analyzing existing cross correlation between Hanmi Financial and PCG 44 01 MAR 32, you can compare the effects of market volatilities on Hanmi Financial and 694308KC0 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 694308KC0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and 694308KC0.
Diversification Opportunities for Hanmi Financial and 694308KC0
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hanmi and 694308KC0 is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and PCG 44 01 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PCG 44 01 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 694308KC0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PCG 44 01 has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and 694308KC0 go up and down completely randomly.
Pair Corralation between Hanmi Financial and 694308KC0
Given the investment horizon of 90 days Hanmi Financial is expected to generate 1.49 times more return on investment than 694308KC0. However, Hanmi Financial is 1.49 times more volatile than PCG 44 01 MAR 32. It trades about 0.13 of its potential returns per unit of risk. PCG 44 01 MAR 32 is currently generating about -0.15 per unit of risk. If you would invest 1,898 in Hanmi Financial on September 23, 2024 and sell it today you would earn a total of 466.00 from holding Hanmi Financial or generate 24.55% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 81.54% |
Values | Daily Returns |
Hanmi Financial vs. PCG 44 01 MAR 32
Performance |
Timeline |
Hanmi Financial |
PCG 44 01 |
Hanmi Financial and 694308KC0 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and 694308KC0
The main advantage of trading using opposite Hanmi Financial and 694308KC0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, 694308KC0 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 694308KC0 will offset losses from the drop in 694308KC0's long position.Hanmi Financial vs. OP Bancorp | Hanmi Financial vs. PCB Bancorp | Hanmi Financial vs. Heritage Commerce Corp | Hanmi Financial vs. Riverview Bancorp |
694308KC0 vs. United Microelectronics | 694308KC0 vs. Sonos Inc | 694308KC0 vs. Weyco Group | 694308KC0 vs. Jabil Circuit |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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