Correlation Between ABBEY MORTGAGE and UNION HOMES
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By analyzing existing cross correlation between ABBEY MORTGAGE BANK and UNION HOMES SAVINGS, you can compare the effects of market volatilities on ABBEY MORTGAGE and UNION HOMES 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 ABBEY MORTGAGE with a short position of UNION HOMES. Check out your portfolio center. Please also check ongoing floating volatility patterns of ABBEY MORTGAGE and UNION HOMES.
Diversification Opportunities for ABBEY MORTGAGE and UNION HOMES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ABBEY and UNION is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ABBEY MORTGAGE BANK and UNION HOMES SAVINGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNION HOMES SAVINGS and ABBEY MORTGAGE 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 ABBEY MORTGAGE BANK are associated (or correlated) with UNION HOMES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNION HOMES SAVINGS has no effect on the direction of ABBEY MORTGAGE i.e., ABBEY MORTGAGE and UNION HOMES go up and down completely randomly.
Pair Corralation between ABBEY MORTGAGE and UNION HOMES
If you would invest 278.00 in ABBEY MORTGAGE BANK on September 19, 2024 and sell it today you would earn a total of 2.00 from holding ABBEY MORTGAGE BANK or generate 0.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ABBEY MORTGAGE BANK vs. UNION HOMES SAVINGS
Performance |
| Timeline |
| ABBEY MORTGAGE BANK |
| UNION HOMES SAVINGS |
ABBEY MORTGAGE and UNION HOMES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ABBEY MORTGAGE and UNION HOMES
The main advantage of trading using opposite ABBEY MORTGAGE and UNION HOMES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ABBEY MORTGAGE position performs unexpectedly, UNION HOMES 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 UNION HOMES will offset losses from the drop in UNION HOMES's long position.| ABBEY MORTGAGE vs. GUINEA INSURANCE PLC | ABBEY MORTGAGE vs. SECURE ELECTRONIC TECHNOLOGY | ABBEY MORTGAGE vs. VFD GROUP | ABBEY MORTGAGE vs. IKEJA HOTELS PLC |
| UNION HOMES vs. GUINEA INSURANCE PLC | UNION HOMES vs. SECURE ELECTRONIC TECHNOLOGY | UNION HOMES vs. VFD GROUP | UNION HOMES vs. IKEJA HOTELS PLC |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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