Correlation Between Ameris Bancorp and XLMedia PLC
Can any of the company-specific risk be diversified away by investing in both Ameris Bancorp and XLMedia PLC 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 Ameris Bancorp and XLMedia PLC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ameris Bancorp and XLMedia PLC, you can compare the effects of market volatilities on Ameris Bancorp and XLMedia PLC 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 Ameris Bancorp with a short position of XLMedia PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ameris Bancorp and XLMedia PLC.
Diversification Opportunities for Ameris Bancorp and XLMedia PLC
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ameris and XLMedia is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Ameris Bancorp and XLMedia PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XLMedia PLC and Ameris Bancorp 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 Ameris Bancorp are associated (or correlated) with XLMedia PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XLMedia PLC has no effect on the direction of Ameris Bancorp i.e., Ameris Bancorp and XLMedia PLC go up and down completely randomly.
Pair Corralation between Ameris Bancorp and XLMedia PLC
Given the investment horizon of 90 days Ameris Bancorp is expected to generate 0.37 times more return on investment than XLMedia PLC. However, Ameris Bancorp is 2.67 times less risky than XLMedia PLC. It trades about 0.06 of its potential returns per unit of risk. XLMedia PLC is currently generating about -0.12 per unit of risk. If you would invest 7,318 in Ameris Bancorp on September 9, 2025 and sell it today you would earn a total of 411.00 from holding Ameris Bancorp or generate 5.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ameris Bancorp vs. XLMedia PLC
Performance |
| Timeline |
| Ameris Bancorp |
| XLMedia PLC |
Ameris Bancorp and XLMedia PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ameris Bancorp and XLMedia PLC
The main advantage of trading using opposite Ameris Bancorp and XLMedia PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ameris Bancorp position performs unexpectedly, XLMedia PLC 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 XLMedia PLC will offset losses from the drop in XLMedia PLC's long position.| Ameris Bancorp vs. United Bankshares | Ameris Bancorp vs. Grupo Aval | Ameris Bancorp vs. Hancock Whitney Corp | Ameris Bancorp vs. Intercorp Financial Services |
| XLMedia PLC vs. Sing Tao News | XLMedia PLC vs. Glacier Media | XLMedia PLC vs. SportsHero Limited | XLMedia PLC vs. Hollywall Entertainment |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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