Correlation Between ACCESS BANK and GUINNESS GHANA
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By analyzing existing cross correlation between ACCESS BANK GHANA and GUINNESS GHANA BREWERIES, you can compare the effects of market volatilities on ACCESS BANK and GUINNESS GHANA 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 ACCESS BANK with a short position of GUINNESS GHANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACCESS BANK and GUINNESS GHANA.
Diversification Opportunities for ACCESS BANK and GUINNESS GHANA
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ACCESS and GUINNESS is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding ACCESS BANK GHANA and GUINNESS GHANA BREWERIES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GUINNESS GHANA BREWERIES and ACCESS BANK 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 ACCESS BANK GHANA are associated (or correlated) with GUINNESS GHANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GUINNESS GHANA BREWERIES has no effect on the direction of ACCESS BANK i.e., ACCESS BANK and GUINNESS GHANA go up and down completely randomly.
Pair Corralation between ACCESS BANK and GUINNESS GHANA
If you would invest 432.00 in ACCESS BANK GHANA on August 31, 2024 and sell it today you would earn a total of 43.00 from holding ACCESS BANK GHANA or generate 9.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ACCESS BANK GHANA vs. GUINNESS GHANA BREWERIES
Performance |
| Timeline |
| ACCESS BANK GHANA |
| GUINNESS GHANA BREWERIES |
ACCESS BANK and GUINNESS GHANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACCESS BANK and GUINNESS GHANA
The main advantage of trading using opposite ACCESS BANK and GUINNESS GHANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACCESS BANK position performs unexpectedly, GUINNESS GHANA 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 GUINNESS GHANA will offset losses from the drop in GUINNESS GHANA's long position.| ACCESS BANK vs. REPUBLIC BANK LIMITED | ACCESS BANK vs. ECOBANK GHANA LIMITED | ACCESS BANK vs. DIGICUT ADVERTISING PRODUCTION | ACCESS BANK vs. AGRICULTURAL DEVELOPMENT BANK |
| GUINNESS GHANA vs. ACCESS BANK GHANA | GUINNESS GHANA vs. SAMBA FOODS LIMITED | GUINNESS GHANA vs. AGRICULTURAL DEVELOPMENT BANK | GUINNESS GHANA vs. SIC INSURANCE ANY |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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