Correlation Between Bank of New York and VODAFONE
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By analyzing existing cross correlation between The Bank of and VODAFONE GROUP PLC, you can compare the effects of market volatilities on Bank of New York and VODAFONE 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 New York with a short position of VODAFONE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of New York and VODAFONE.
Diversification Opportunities for Bank of New York and VODAFONE
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bank and VODAFONE is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding The Bank of and VODAFONE GROUP PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VODAFONE GROUP PLC and Bank of New York 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 The Bank of are associated (or correlated) with VODAFONE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VODAFONE GROUP PLC has no effect on the direction of Bank of New York i.e., Bank of New York and VODAFONE go up and down completely randomly.
Pair Corralation between Bank of New York and VODAFONE
Allowing for the 90-day total investment horizon The Bank of is expected to generate 2.74 times more return on investment than VODAFONE. However, Bank of New York is 2.74 times more volatile than VODAFONE GROUP PLC. It trades about 0.14 of its potential returns per unit of risk. VODAFONE GROUP PLC is currently generating about -0.03 per unit of risk. If you would invest 10,124 in The Bank of on August 17, 2025 and sell it today you would earn a total of 924.00 from holding The Bank of or generate 9.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 79.69% |
| Values | Daily Returns |
The Bank of vs. VODAFONE GROUP PLC
Performance |
| Timeline |
| Bank of New York |
| VODAFONE GROUP PLC |
Bank of New York and VODAFONE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of New York and VODAFONE
The main advantage of trading using opposite Bank of New York and VODAFONE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of New York position performs unexpectedly, VODAFONE 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 VODAFONE will offset losses from the drop in VODAFONE's long position.| Bank of New York vs. Northern Trust | Bank of New York vs. Invesco Plc | Bank of New York vs. Franklin Resources | Bank of New York vs. T Rowe Price |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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