Correlation Between Hanmi Financial and PHILIP
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By analyzing existing cross correlation between Hanmi Financial and PHILIP MORRIS INTL, you can compare the effects of market volatilities on Hanmi Financial and PHILIP 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 PHILIP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanmi Financial and PHILIP.
Diversification Opportunities for Hanmi Financial and PHILIP
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hanmi and PHILIP is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Hanmi Financial and PHILIP MORRIS INTL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHILIP MORRIS INTL 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 PHILIP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHILIP MORRIS INTL has no effect on the direction of Hanmi Financial i.e., Hanmi Financial and PHILIP go up and down completely randomly.
Pair Corralation between Hanmi Financial and PHILIP
Given the investment horizon of 90 days Hanmi Financial is expected to generate 1.68 times more return on investment than PHILIP. However, Hanmi Financial is 1.68 times more volatile than PHILIP MORRIS INTL. It trades about 0.13 of its potential returns per unit of risk. PHILIP MORRIS INTL is currently generating about -0.09 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 | Weak |
Accuracy | 95.38% |
Values | Daily Returns |
Hanmi Financial vs. PHILIP MORRIS INTL
Performance |
Timeline |
Hanmi Financial |
PHILIP MORRIS INTL |
Hanmi Financial and PHILIP Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hanmi Financial and PHILIP
The main advantage of trading using opposite Hanmi Financial and PHILIP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanmi Financial position performs unexpectedly, PHILIP 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 PHILIP will offset losses from the drop in PHILIP'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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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