Correlation Between Misr National and El Kahera
Can any of the company-specific risk be diversified away by investing in both Misr National and El Kahera at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Misr National and El Kahera into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Misr National Steel and El Kahera El, you can compare the effects of market volatilities on Misr National and El Kahera 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 Misr National with a short position of El Kahera. Check out your portfolio center. Please also check ongoing floating volatility patterns of Misr National and El Kahera.
Diversification Opportunities for Misr National and El Kahera
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Misr and KWIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Misr National Steel and El Kahera El in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on El Kahera El and Misr National 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 Misr National Steel are associated (or correlated) with El Kahera. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of El Kahera El has no effect on the direction of Misr National i.e., Misr National and El Kahera go up and down completely randomly.
Pair Corralation between Misr National and El Kahera
If you would invest 513.00 in Misr National Steel on August 27, 2024 and sell it today you would earn a total of 29.00 from holding Misr National Steel or generate 5.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Misr National Steel vs. El Kahera El
Performance |
| Timeline |
| Misr National Steel |
| El Kahera El |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
Misr National and El Kahera Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Misr National and El Kahera
The main advantage of trading using opposite Misr National and El Kahera positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Misr National position performs unexpectedly, El Kahera 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 El Kahera will offset losses from the drop in El Kahera's long position.| Misr National vs. Paint Chemicals Industries | Misr National vs. Egyptians For Investment | Misr National vs. Misr Oils Soap | Misr National vs. Global Telecom Holding |
| El Kahera vs. Ezz Steel | El Kahera vs. Dice Sport Casual | El Kahera vs. Orascom Construction PLC | El Kahera vs. El Nasr Clothes |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |