Correlation Between AFREXIMBANK and NEW MAURITIUS
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By analyzing existing cross correlation between AFREXIMBANK and NEW MAURITIUS HOTELS, you can compare the effects of market volatilities on AFREXIMBANK and NEW MAURITIUS 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 AFREXIMBANK with a short position of NEW MAURITIUS. Check out your portfolio center. Please also check ongoing floating volatility patterns of AFREXIMBANK and NEW MAURITIUS.
Diversification Opportunities for AFREXIMBANK and NEW MAURITIUS
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between AFREXIMBANK and NEW is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding AFREXIMBANK and NEW MAURITIUS HOTELS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEW MAURITIUS HOTELS and AFREXIMBANK 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 AFREXIMBANK are associated (or correlated) with NEW MAURITIUS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEW MAURITIUS HOTELS has no effect on the direction of AFREXIMBANK i.e., AFREXIMBANK and NEW MAURITIUS go up and down completely randomly.
Pair Corralation between AFREXIMBANK and NEW MAURITIUS
Assuming the 90 days trading horizon AFREXIMBANK is expected to under-perform the NEW MAURITIUS. But the stock apears to be less risky and, when comparing its historical volatility, AFREXIMBANK is 1.05 times less risky than NEW MAURITIUS. The stock trades about -0.22 of its potential returns per unit of risk. The NEW MAURITIUS HOTELS is currently generating about -0.12 of returns per unit of risk over similar time horizon. If you would invest 1,400 in NEW MAURITIUS HOTELS on October 24, 2024 and sell it today you would lose (15.00) from holding NEW MAURITIUS HOTELS or give up 1.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AFREXIMBANK vs. NEW MAURITIUS HOTELS
Performance |
| Timeline |
| AFREXIMBANK |
| NEW MAURITIUS HOTELS |
AFREXIMBANK and NEW MAURITIUS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AFREXIMBANK and NEW MAURITIUS
The main advantage of trading using opposite AFREXIMBANK and NEW MAURITIUS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AFREXIMBANK position performs unexpectedly, NEW MAURITIUS 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 NEW MAURITIUS will offset losses from the drop in NEW MAURITIUS's long position.| AFREXIMBANK vs. FINCORP INVESTMENT LTD | AFREXIMBANK vs. MCB GROUP LIMITED | AFREXIMBANK vs. MCB GROUP LTD | AFREXIMBANK vs. MUA LTD |
| NEW MAURITIUS vs. HOTELEST LTD | NEW MAURITIUS vs. CONSTANCE HOTELS SERVICES | NEW MAURITIUS vs. MCB INDIA SOVEREIGN | NEW MAURITIUS vs. UNITED BUS SERVICE |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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