Chiba Bank Correlations

CHBAY Stock

USD 47.65 0.00 0.00%

The current 90-days correlation between Chiba Bank and Aozora Bank Ltd is 0.02 (i.e., Significant diversification). The correlation of Chiba Bank 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Chiba Bank Correlation With Market

Significant diversification

The correlation between Chiba Bank Ltd and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chiba Bank Ltd and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Chiba Bank could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Chiba Bank 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 Chiba Bank - 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 Chiba Bank Ltd to buy it.

Moving together with Chiba Pink Sheet

0.72	HDB	HDFC Bank Limited Earnings Call Today	Pair Corr
0.69	CIHKY	China Merchants Bank	Pair Corr
0.8	CIHHF	China Merchants Bank	Pair Corr
0.66	FITBP	Fifth Third Bancorp	Pair Corr
0.75	BBDC4	Banco Bradesco SA	Pair Corr
0.76	BNPQY	BNP Paribas SA Earnings Call This Week	Pair Corr
0.7	BNPQF	BNP Paribas SA Earnings Call This Week	Pair Corr
0.66	MUFG	Mitsubishi UFJ Financial	Pair Corr
0.61	SMFG	Sumitomo Mitsui Financial	Pair Corr
0.9	KB	KB Financial Group Earnings Call This Week	Pair Corr
0.73	MFG	Mizuho Financial	Pair Corr
0.92	SHG	Shinhan Financial Earnings Call This Week	Pair Corr
0.74	MMM	3M Company	Pair Corr
0.8	IBM	International Business Earnings Call This Week	Pair Corr
0.82	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.75	AA	Alcoa Corp	Pair Corr
0.86	DD	Dupont De Nemours	Pair Corr
0.84	BA	Boeing	Pair Corr
0.83	CSCO	Cisco Systems	Pair Corr
0.83	AXP	American Express	Pair Corr
0.89	CAT	Caterpillar	Pair Corr
0.85	MSFT	Microsoft	Pair Corr
0.86	JPM	JPMorgan Chase	Pair Corr

Moving against Chiba Pink Sheet

0.74	BBAS3	Banco do Brasil	Pair Corr
0.65	MCD	McDonalds	Pair Corr
0.58	PG	Procter Gamble	Pair Corr
0.49	KO	Coca Cola Earnings Call This Week	Pair Corr

Related Correlations Analysis

	AOZOY	BKHYY	BOH	DB	HACBY	HBAN	MSADY	PNC	TDHOY	VLY
AOZOY		-0.89	-0.32	-0.78	-0.45	-0.77	0.18	-0.8	-0.58	-0.56	AOZOY
BKHYY	-0.89		0.6	0.9	0.41	0.92	-0.15	0.95	0.58	0.79	BKHYY
BOH	-0.32	0.6		0.67	0.04	0.81	0.1	0.75	0.32	0.8	BOH
DB	-0.78	0.9	0.67		0.45	0.94	0.13	0.93	0.71	0.82	DB
HACBY	-0.45	0.41	0.04	0.45		0.33	0.24	0.33	0.55	0.16	HACBY
HBAN	-0.77	0.92	0.81	0.94	0.33		0.03	0.98	0.63	0.88	HBAN
MSADY	0.18	-0.15	0.1	0.13	0.24	0.03		-0.08	0.52	-0.1	MSADY
PNC	-0.8	0.95	0.75	0.93	0.33	0.98	-0.08		0.62	0.89	PNC
TDHOY	-0.58	0.58	0.32	0.71	0.55	0.63	0.52	0.62		0.46	TDHOY
VLY	-0.56	0.79	0.8	0.82	0.16	0.88	-0.1	0.89	0.46		VLY
	AOZOY	BKHYY	BOH	DB	HACBY	HBAN	MSADY	PNC	TDHOY	VLY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PNC	+ 0.98	HBAN
PNC	+ 0.95	BKHYY
HBAN	+ 0.94	DB
PNC	+ 0.93	DB
HBAN	+ 0.92	BKHYY
DB	+ 0.9	BKHYY

High negative correlations

BKHYY	- 0.89	AOZOY
PNC	- 0.8	AOZOY
DB	- 0.78	AOZOY
HBAN	- 0.77	AOZOY
TDHOY	- 0.58	AOZOY
VLY	- 0.56	AOZOY

Risk-Adjusted Indicators

There is a big difference between Chiba Pink Sheet performing well and Chiba Bank 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 Chiba Bank'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
AOZOY	0.17	(0.08)	0.00	0.82	0.00	0.00	0.00	0.00	3.14
BKHYY	1.55	0.51	0.17	1.45	1.51	(1.81)	3.91	(3.30)	13.64
BOH	1.14	0.02	0.01	0.15	1.11	(1.46)	2.57	(1.93)	7.72
DB	1.35	0.33	0.21	0.52	1.06	(1.53)	3.33	(2.11)	9.12
HACBY	4.49	1.40	0.05	(0.24)	5.18	(15.74)	18.99	(15.50)	53.89
HBAN	1.25	0.22	0.17	0.31	1.11	(1.51)	3.08	(1.84)	8.51
MSADY	1.13	(0.05)	(0.07)	0.06	1.29	(1.30)	2.55	(2.10)	7.00
PNC	0.99	0.23	0.20	0.33	0.70	(1.09)	2.83	(1.47)	8.07
TDHOY	2.02	0.33	0.07	(1.89)	2.20	(2.27)	5.02	(3.24)	14.57
VLY	1.36	0.34	0.10	(1.06)	1.46	(1.63)	2.93	(2.43)	9.07

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