Correlation Between AIRTEL AFRICA and UNION HOMES
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By analyzing existing cross correlation between AIRTEL AFRICA PLC and UNION HOMES SAVINGS, you can compare the effects of market volatilities on AIRTEL AFRICA 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 AIRTEL AFRICA with a short position of UNION HOMES. Check out your portfolio center. Please also check ongoing floating volatility patterns of AIRTEL AFRICA and UNION HOMES.
Diversification Opportunities for AIRTEL AFRICA and UNION HOMES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AIRTEL and UNION is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AIRTEL AFRICA PLC 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 AIRTEL AFRICA 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 AIRTEL AFRICA PLC 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 AIRTEL AFRICA i.e., AIRTEL AFRICA and UNION HOMES go up and down completely randomly.
Pair Corralation between AIRTEL AFRICA and UNION HOMES
If you would invest 148,800 in AIRTEL AFRICA PLC on September 3, 2024 and sell it today you would earn a total of 66,890 from holding AIRTEL AFRICA PLC or generate 44.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AIRTEL AFRICA PLC vs. UNION HOMES SAVINGS
Performance |
| Timeline |
| AIRTEL AFRICA PLC |
| UNION HOMES SAVINGS |
AIRTEL AFRICA and UNION HOMES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AIRTEL AFRICA and UNION HOMES
The main advantage of trading using opposite AIRTEL AFRICA and UNION HOMES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AIRTEL AFRICA 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.| AIRTEL AFRICA vs. STACO INSURANCE PLC | AIRTEL AFRICA vs. BUA FOODS PLC | AIRTEL AFRICA vs. MULTIVERSE MINING AND | AIRTEL AFRICA vs. SECURE ELECTRONIC TECHNOLOGY |
| UNION HOMES vs. GUINEA INSURANCE PLC | UNION HOMES vs. SECURE ELECTRONIC TECHNOLOGY | UNION HOMES vs. AIRTEL AFRICA PLC | UNION HOMES vs. VFD 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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