Correlation Between Bridgewater Bancshares and ACNB
Can any of the company-specific risk be diversified away by investing in both Bridgewater Bancshares and ACNB 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 Bridgewater Bancshares and ACNB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bridgewater Bancshares and ACNB Corporation, you can compare the effects of market volatilities on Bridgewater Bancshares and ACNB 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 Bridgewater Bancshares with a short position of ACNB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgewater Bancshares and ACNB.
Diversification Opportunities for Bridgewater Bancshares and ACNB
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bridgewater and ACNB is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Bridgewater Bancshares and ACNB Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACNB and Bridgewater Bancshares 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 Bridgewater Bancshares are associated (or correlated) with ACNB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACNB has no effect on the direction of Bridgewater Bancshares i.e., Bridgewater Bancshares and ACNB go up and down completely randomly.
Pair Corralation between Bridgewater Bancshares and ACNB
Considering the 90-day investment horizon Bridgewater Bancshares is expected to generate 1.4 times more return on investment than ACNB. However, Bridgewater Bancshares is 1.4 times more volatile than ACNB Corporation. It trades about 0.06 of its potential returns per unit of risk. ACNB Corporation is currently generating about 0.08 per unit of risk. If you would invest 1,638 in Bridgewater Bancshares on August 28, 2025 and sell it today you would earn a total of 114.00 from holding Bridgewater Bancshares or generate 6.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bridgewater Bancshares vs. ACNB Corp.
Performance |
| Timeline |
| Bridgewater Bancshares |
| ACNB |
Bridgewater Bancshares and ACNB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgewater Bancshares and ACNB
The main advantage of trading using opposite Bridgewater Bancshares and ACNB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgewater Bancshares position performs unexpectedly, ACNB 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 ACNB will offset losses from the drop in ACNB's long position.| Bridgewater Bancshares vs. Renovare Environmental | Bridgewater Bancshares vs. Crimson Wine | Bridgewater Bancshares vs. Capital Clean Energy | Bridgewater Bancshares vs. LianDi Clean Technology |
| ACNB vs. Contagious Gaming | ACNB vs. American Transportation Holdings | ACNB vs. Marten Transport | ACNB vs. Sinclair Broadcast Group |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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