Bank of America Correlations

BAC Stock

USD 52.59 0.28 0.53%

The current 90-days correlation between Bank of America and Wells Fargo is 0.74 (i.e., Poor diversification). The correlation of Bank of America is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Bank of America Correlation With Market

Very weak diversification

The correlation between Bank of America and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bank Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bank of America. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade Bank Stock refer to our How to Trade Bank Stock guide.

Moving together with Bank Stock

0.86	C	Citigroup	Pair Corr
0.86	CM	Canadian Imperial Bank	Pair Corr
0.87	NU	Nu Holdings	Pair Corr
0.84	RY	Royal Bank	Pair Corr
0.79	TD	Toronto Dominion Bank	Pair Corr
0.63	BMO	Bank of Montreal	Pair Corr
0.84	BNS	Bank of Nova Scotia	Pair Corr
0.78	JPM	JPMorgan Chase	Pair Corr
0.94	WFC	Wells Fargo	Pair Corr
0.7	HSBC	HSBC Holdings PLC	Pair Corr
0.74	601288	Agricultural Bank	Pair Corr
0.69	MRLWF	Marlowe Plc	Pair Corr
0.79	CVI	CVR Energy	Pair Corr
0.91	BK	Bank of New York	Pair Corr
0.76	GS	Goldman Sachs Group	Pair Corr
0.72	BHR-PD	Braemar Hotels Resorts	Pair Corr
0.78	LSRCY	Lasertec	Pair Corr

Moving against Bank Stock

0.68	601818	China Everbright Bank	Pair Corr
0.62	TBCG	TBC Bank Group	Pair Corr
0.62	600015	Hua Xia Bank	Pair Corr
0.6	GOOD	Gladstone Commercial	Pair Corr
0.56	AMPH	Amphastar P	Pair Corr
0.52	601166	Industrial Bank	Pair Corr
0.66	MPXOF	MPX International Corp	Pair Corr
0.38	SLMNP	A Schulman	Pair Corr

Related Correlations Analysis

	WFC	HSBC	RY	C	MUFG	BMO	GS
WFC		0.54	0.76	0.81	0.02	0.5	0.65	WFC
HSBC	0.54		0.64	0.76	0.4	0.67	0.88	HSBC
RY	0.76	0.64		0.74	0.12	0.85	0.76	RY
C	0.81	0.76	0.74		0.41	0.68	0.89	C
MUFG	0.02	0.4	0.12	0.41		0.34	0.4	MUFG
BMO	0.5	0.67	0.85	0.68	0.34		0.78	BMO
GS	0.65	0.88	0.76	0.89	0.4	0.78		GS
	WFC	HSBC	RY	C	MUFG	BMO	GS

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of America Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bank of America's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
WFC	1.11	0.05	0.04	0.11	1.38	(1.13)	2.25	(2.85)	9.99
HSBC	0.92	0.15	0.09	0.28	1.31	(1.00)	1.95	(1.37)	8.60
RY	0.59	0.07	0.07	0.17	0.53	(0.65)	1.06	(1.12)	7.09
C	1.11	(0.01)	0.02	0.07	1.37	(1.16)	2.30	(2.14)	7.42
MUFG	1.08	(0.02)	(0.01)	0.06	1.33	(1.22)	2.30	(2.05)	8.33
BMO	0.72	0.17	0.10	11.26	0.72	(0.80)	1.53	(1.80)	7.72
GS	1.11	0.00	0.04	0.08	1.21	(1.18)	2.97	(2.00)	5.66

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