Correlation Between Total Intl and Howard Bancorp

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Can any of the company-specific risk be diversified away by investing in both Total Intl and Howard Bancorp at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Total Intl and Howard Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Total Intl Stock and Howard Bancorp, you can compare the effects of market volatilities on Total Intl and Howard Bancorp 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 Total Intl with a short position of Howard Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Total Intl and Howard Bancorp.

Diversification Opportunities for Total Intl and Howard Bancorp

-0.7
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Total and Howard is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Total Intl Stock and Howard Bancorp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Howard Bancorp and Total Intl 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 Total Intl Stock are associated (or correlated) with Howard Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Howard Bancorp has no effect on the direction of Total Intl i.e., Total Intl and Howard Bancorp go up and down completely randomly.

Pair Corralation between Total Intl and Howard Bancorp

If you would invest  2,330  in Howard Bancorp on February 25, 2022 and sell it today you would earn a total of  0.00  from holding Howard Bancorp or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy4.35%
ValuesDaily Returns

Total Intl Stock  vs.  Howard Bancorp Inc

 Performance (%) 
      Timeline 
Total Intl Stock 
Total Performance
0 of 100
Over the last 90 days Total Intl Stock has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest weak performance, the Etf's basic indicators remain invariable and the latest agitation on Wall Street may also be a sign of long-running gains for the ETF retail investors.

Total Price Channel

Howard Bancorp 
Howard Performance
0 of 100
Over the last 90 days Howard Bancorp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound primary indicators, Howard Bancorp is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Total Intl and Howard Bancorp Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Total Intl and Howard Bancorp

The main advantage of trading using opposite Total Intl and Howard Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Total Intl position performs unexpectedly, Howard Bancorp 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 Howard Bancorp will offset losses from the drop in Howard Bancorp's long position.

Total Intl Stock

Pair trading matchups for Total Intl

The idea behind Total Intl Stock and Howard Bancorp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

Howard Bancorp

Pair trading matchups for Howard Bancorp

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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.

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