Correlation Between Bank of America and Soligenix
Can any of the company-specific risk be diversified away by investing in both Bank of America and Soligenix 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 Bank of America and Soligenix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bank of America and Soligenix, you can compare the effects of market volatilities on Bank of America and Soligenix 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 Bank of America with a short position of Soligenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of America and Soligenix.
Diversification Opportunities for Bank of America and Soligenix
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bank and Soligenix is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Bank of America and Soligenix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soligenix and Bank of America 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 Bank of America are associated (or correlated) with Soligenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soligenix has no effect on the direction of Bank of America i.e., Bank of America and Soligenix go up and down completely randomly.
Pair Corralation between Bank of America and Soligenix
Considering the 90-day investment horizon Bank of America is expected to generate 0.18 times more return on investment than Soligenix. However, Bank of America is 5.68 times less risky than Soligenix. It trades about 0.14 of its potential returns per unit of risk. Soligenix is currently generating about -0.24 per unit of risk. If you would invest 4,765 in Bank of America on August 16, 2025 and sell it today you would earn a total of 522.00 from holding Bank of America or generate 10.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of America vs. Soligenix
Performance |
| Timeline |
| Bank of America |
| Soligenix |
Bank of America and Soligenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of America and Soligenix
The main advantage of trading using opposite Bank of America and Soligenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of America position performs unexpectedly, Soligenix 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 Soligenix will offset losses from the drop in Soligenix's long position.| Bank of America vs. Wells Fargo | Bank of America vs. HSBC Holdings PLC | Bank of America vs. Royal Bank of | Bank of America vs. Citigroup |
| Soligenix vs. Ensysce Biosciences | Soligenix vs. Oragenics | Soligenix vs. Can Fite Biopharma | Soligenix vs. Qualigen Therapeutics |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |