Bank of America Correlations

BML-PG Preferred Stock

USD 18.99 0.04 0.21%

The current 90-days correlation between Bank of America and Wells Fargo is 0.05 (i.e., Significant 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

Average diversification

The correlation between Bank of America and DJI is 0.1 (i.e., Average 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.

The ability to find closely correlated positions to Bank of America could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bank of America when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bank of America - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bank of America to buy it.

Moving together with Bank Preferred Stock

0.69	WFC-PY	Wells Fargo	Pair Corr
0.77	JD	JD Inc Adr	Pair Corr

Moving against Bank Preferred Stock

0.89	RY	Royal Bank	Pair Corr
0.84	WMT	Walmart Common Stock	Pair Corr
0.79	ACN	Accenture plc Earnings Call Tomorrow	Pair Corr
0.72	C	Citigroup Aggressive Push	Pair Corr
0.68	VLKAF	Volkswagen AG	Pair Corr
0.65	WFC	Wells Fargo Aggressive Push	Pair Corr
0.6	IDCBY	Industrial Commercial	Pair Corr
0.59	BAC	Bank of America Aggressive Push	Pair Corr
0.54	IDCBF	Industrial and Commercial	Pair Corr
0.83	SMRT	SmartRent	Pair Corr
0.83	SEE	Sealed Air	Pair Corr
0.82	CGTL	Creative Global Tech	Pair Corr
0.72	VWAGY	Volkswagen AG 110	Pair Corr
0.7	DBI	Designer Brands	Pair Corr
0.67	ATRO	Astronics	Pair Corr
0.65	GGB	Gerdau SA ADR Aggressive Push	Pair Corr
0.65	TWLO	Twilio Inc Tech Boost	Pair Corr
0.64	VLKPF	Volkswagen AG VZO	Pair Corr
0.58	FIX	Comfort Systems USA	Pair Corr
0.49	ELP	Companhia Paranaense	Pair Corr
0.34	AQN	Algonquin Power Utilities	Pair Corr
0.88	FIGS	Figs Inc	Pair Corr
0.81	PDS	Precision Drilling	Pair Corr
0.81	AXTI	AXT Inc	Pair Corr
0.79	GMED	Globus Medical	Pair Corr
0.71	RBLAY	Robinsons Land Corp	Pair Corr
0.71	HURN	Huron Consulting	Pair Corr

Related Correlations Analysis

	WFC	HSBC	RY	C	TD	MUFG	MS
WFC		0.54	0.82	0.87	0.82	0.46	0.92	WFC
HSBC	0.54		0.62	0.7	0.62	0.65	0.66	HSBC
RY	0.82	0.62		0.89	0.95	0.64	0.91	RY
C	0.87	0.7	0.89		0.79	0.73	0.89	C
TD	0.82	0.62	0.95	0.79		0.48	0.91	TD
MUFG	0.46	0.65	0.64	0.73	0.48		0.55	MUFG
MS	0.92	0.66	0.91	0.89	0.91	0.55		MS
	WFC	HSBC	RY	C	TD	MUFG	MS

Risk-Adjusted Indicators

There is a big difference between Bank Preferred 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	1.06	0.12	0.09	0.17	1.16	(1.09)	2.31	(2.09)	9.99
HSBC	1.00	0.07	0.05	0.13	1.36	(1.07)	1.95	(2.09)	7.78
RY	0.64	0.18	0.21	0.36	0.41	(0.75)	1.46	(1.11)	3.17
C	1.11	0.10	0.08	0.15	1.41	(1.09)	2.30	(2.20)	7.42
TD	0.70	0.23	0.20	0.44	0.59	(0.81)	2.02	(1.68)	4.09
MUFG	1.11	0.02	0.01	0.09	1.44	(1.15)	2.27	(2.32)	6.90
MS	1.08	0.11	0.09	0.16	1.18	(1.12)	2.74	(2.21)	7.40

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bank of America without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Bank of America Corporate Management

Rudolf Bless	Chief Officer	Profile
Aditya Bhasin	Chief Officer	Profile
Brian Moynihan	Chairman CEO	Profile
Paul Donofrio	Vice Chairman	Profile
Alastair Borthwick	Chief Officer	Profile
Darrin Boland	Chief Officer	Profile
James DeMare	Ex Markets	Profile

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